1. PGC Era | Professional Generated Content
In the PGC era, labels, publishers, and rights institutions controlled catalogs, distribution, and pricing power. This phase created the industry's initial ownership and monetization framework, but participation was limited and highly centralized.
2. UGC Era | User Generated Content
UGC platforms dramatically lowered the cost of music creation and distribution. Supply expanded, long-tail creators emerged, and audience interaction became a major driver of discovery. But the asset structure of music itself still did not fundamentally change.
3. AIGC Era | AI Generated Content
AIGC has accelerated supply growth by another order of magnitude. It compresses creation time, lowers experimentation cost, and allows music to be produced at unprecedented speed. As supply expands, however, the limitations of existing ownership, pricing, and settlement structures become more obvious.
