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经济学人360:音乐产业 高举丁日的旗帜

时间:2014-06-06 02:10来源:互联网 提供网友:mapleleaf   字体: [ ]
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  Business
商业报道
The music industry
音乐产业
Beliebing in streaming
高举丁日的旗帜
Record bosses now hope that online streaming could become a big enough business to arrest their industry's long decline
唱片公司老板们正希望线上流媒体能成为一盘足够大的生意,以阻止他们产业的长期衰退
AT THE headquarters of Pandora, an online-radio firm, in Oakland,
位于奥克兰市的Pandora总部中,
about a dozen headphone-clad analysts1 fill in a long questionnaire as they listen.
约有12名头戴耳机的分析员听着歌曲信息,完成着一份很长的调查清单。
They rank whether a song's mood is joyful2 or hostile, the vocalist breathy or gravelly.
他们会将一首歌的基调做出分类,如欢快或狂暴;同时也会对歌唱家进行分类,如气息流派或声线沙哑型。
They note whether they can hear electric guitars, lutes or bagpipes3.
他们会记录一首歌曲当中是否有电吉他、琉特琴或风笛等等的乐器演奏。
音乐产业.jpg
Their ratings help to shape algorithms that push music to the service's 76m users.
他们的分类评级,是构成一款拥有760万名用户音乐服务的关键程序之一。
Pandora is in the vanguard of a revolution in which ever more consumers are streaming music over the internet to their smartphones or computers,
如今Pandora正是这样一场革命的先锋,消费者们正以前所未有的数量进入到音乐流媒体的世界当中,通过互联网这一渠道,他们不再收藏音乐,
instead of owning collections of songs.
而是直接通过自己的智能手机和电脑收听音乐。
For the first time since Apple popularised the paid download in 2003,
这是自2003年苹果公司普及付费下载模式以来,
the record business is changing key again.
唱片行业的又一次巨变。
From wax cylinders5 via vinyl, cassettes and CDs to MP3s,
从乙烯树脂制成的黑胶唱片,发展到了卡带和CD唱片,再到了MP3,
it is undergoing another format6 shift—maybe,
此行业又将面临一次音乐制式转换。
some in the business muse7, its last.
而有些人沉思道,或许这是唱片行业的最后一次变革。
Streaming services give music-lovers access to millions of songs,
流媒体服务能够让音乐爱好者们接触成千上万的歌曲,
but the services are not all alike.
但这些服务类型都不尽相同。
Online-radio versions, including Pandora and Apple's iTunes Radio, choose what consumers hear,
包括Pandora和苹果音乐电台在内的线上电台模式,能够为消费者们提供他们想听的音乐,
and the firms make their revenues through advertising9.
并且服务商将通过广告业务实现盈利。
Others, such as Spotify and Deezer, let customers select songs from a catalogue of 20m-30m, charging premium10 subscribers a monthly fee.
另一方面,如声破天和Deezer的服务商,则让消费者们从200万至300万的曲目中挑选歌曲,并对高级会员收取月费。
Free services that stream music videos, such as YouTube, also get plenty of play.
一些免费的音乐录影带流媒体服务,如YouTube公司,也在市场中分到了一杯羹。
All the variants12 pay the record labels some fraction of a penny each time someone clicks on a song.
以上各类的音乐服务的每一次点播,都意味着需要给予唱片公司一定的报酬。
Streaming's rise makes music bosses as giddy as a bunch of teenage Beliebers queuing to see Justin Bieber.
流媒体业务的迅猛发展,让唱片公司老板们都处于轻佻浮躁的状态当中,就像一群排队等着见丁日的丁日粉一样。
Yet at first glance a report on March 18th by IFPI, a record-industry group, suggests that things are still getting worse.
然而,在最初看到唱片业组织IFPI在3月18日发布的报告之时,形势不容乐观。
Music labels' worldwide revenues fell by 4% last year to 15 billion, a reversal of 2012's slight rise.
与2012年的轻微上升截然相反,去年唱片公司全球收入为150亿美元,较往年下降了4%。
But much of the fall was due to Japanese consumers finally giving up on CDs, as much as the rest of the world had already done.
但这很大程度上要归因于日本消费者的转变。他们终于放弃了对光碟产品的购买,跟上了世界其余国家早已达到了的市场态势。
A closer look shows that streaming services are starting to bring the business back into profit in countries that have suffered steady declines, such as Italy.
而进一步细究可知,在一些音乐产业持续衰退的国家,比方说意大利,流媒体服务已经开始将这一行重新带入盈利当中。
Streaming now has around 28m paying subscribers, and several times as many who use free versions.
如今,流媒体服务的付费用户约为280万人,免费用户则是前者的数倍之多。
Last year subscription13-based versions like Spotify had combined revenues of more than 1 billion, up more than 50% from 2012.
就像Spotify之类的以付费订阅为基础的服务商们,去年获得了超过10亿美元的总收入,与2012年相比业绩上涨超过了50%。
That figure does not include online-radio firms, which last year had revenues of 590m in America alone,
这一数字并不包括线上电台模式的公司。仅以美国当地来计算,去年线上电台模式的公司获得了5亿9千万美元的收入,
a rise of 28% from the year before.
较往年相比涨幅为28%。
In America, the largest music market, 21% of the industry's 2013 revenues came from streaming, whose growth more than offset14 declines in CD sales.
在全球最大的音乐消费市场美国,2013年唱片行业21%的收入来源于流媒体,而该项业务的增长效益超过了相抵之下光碟销售的下滑。
Streaming services have taken off thanks to wider smartphone adoption15, faster internet connections and the spread of cheap online cloud storage for music files.
流媒体服务的成功发展归功于以下几点原因:更广泛的智能手机应用,更快的网络连接,以及音乐文件的廉价线上云储存服务。
Even so, only 4-5% of music consumers in America and Britain have so far signed up for subscription streaming,
即便在这样的市场环境下,目前美国和英国的音乐消费者当中,仅4-5%订购了流媒体服务。
says Mark Mulligan of MIDiA Consulting.
MIDiA咨询公司的马克·穆里根表示。
But if just 10% of the people in rich countries were to subscribe11, the industry's fortunes would be transformed,
但只要富裕国家中有10%的人选择订购,那么整个唱片行业的命运将会转变。
says Claudio Aspesi of Sanford C. Bernstein, another research outfit16.
伯恩斯坦分析师克劳迪奥·阿斯佩西这样认为。
YouTube, Google's popular online video service,
谷歌公司旗下最热门的线上视频网站YouTube,
is expected to launch a paid-for music-streaming service in the coming months, which should help boost the numbers.
有望在未来数月中实施对音乐流媒体服务的收费,而这将令付费的用户数量激增。
So might bundling music with a mobile-phone subscription, as AT&T is doing with Beats,
将音乐与手机服务捆绑销售也能达到同样的促进效果,而这正是美国电话电报与魔音的合作项目。
a seller of headphones that has branched into subscription music.
魔音公司是一家跻身进入付费音乐领域的耳机销售商。
Arms around the world
着眼全球
Having previously17 fought losing battles against technological18 change, record executives have been quicker to embrace streaming's surge.
在输掉了前面几场科学技术战役后,唱片公司的老总们正迫不及待地依靠流媒体业务的快速增长打一个翻身仗。
Until recently Apple's iTunes was the sole king reigning19 over the digital-music realm;
直到最近为止,苹果音乐一直是唯一一位统治着数字音乐世界的霸者;
now there are dozens of princelings.
而如今,则进入到了群雄并立的时期。
This gives more negotiating power to the surviving three major record labels, down from six 15 years ago.
这能让仅存的唱片巨头从15年前的6家缩减至目前的3家,拥有更多的谈判优势。
I see myself as an arms dealer20 selling to everyone who will buy, says a gleeful record executive.
一位心情愉悦的唱片公司老总说:我把自己当成一位军火商,只要有人买,我就卖。
Streaming is also good news for independent labels, some of which are enjoying double the market share they had on CDs.
流媒体的发展对于独立唱片公司来说,也是个极好的消息,其中一些公司将市场份额扩大到了光碟时期的两倍。
It is also making it easier for music to travel beyond national boundaries.
与此同时,跨国界的音乐传播也因此变得更为便利。
We are getting revenue from markets where we never had a presence in the physical world, such as Brazil,
现在,我们正从以前没有进入过的实体唱片市场当中取得收入。
says Fredrik Ekander, the boss of Cosmos21, a Swedish label.
瑞典唱片公司Cosmos的老板Fredrik Ekander表示。
Charles Caldas of Merlin, a licensing22 agency for independent labels, says streaming also helps monetise the nostalgia23 market.
查尔斯·卡尔达斯是全球性版权许可机构Merlin的CEO,而他认为流媒体同样能让怀旧之情转换成利润流入。
In the physical world more than two-thirds of sales are for new releases;
在实体唱片市场当中,超过三分之二的音乐销售额是由新发行的歌曲构成的;
on Deezer only a third of songs streamed are new.
而在Deezer,只有三分之一的流媒体点播是新歌。
To distinguish themselves from rivals and help users navigate24 their vast catalogues, streaming firms are offering curated playlists,
为了胜过同行的服务以及为了更好地帮助用户管理曲目,流媒体公司们提供了精选的播放列表,
compiled by algorithms, celebrities25 and consumers themselves.
而这份列表是由系统算法、歌手和消费者自身共同编制而成的。
Users can also see what their friends on social networks are playing, and share tracks and playlists,
用户们不仅仅可以看到他们在社交网站上的朋友所听的歌曲,还能对外分享歌曲和播放列表,
which helps new acts take off.
同时这也促进了新歌手的成长。
Avicii, a Swedish DJ, has become the most streamed artist on Spotify.
在声破天网站上,一位瑞典DJ艾维奇成为了最多点播量的艺人。
Streaming is forcing a creative but undisciplined industry to pay more attention to data.
流媒体的发展令一个从前具有创造性但管理模式混乱的行业,变得更加注重数据处理。
In early March Spotify reportedly paid 200m for Echo Nest,
在三月初据报道称,流媒体音乐服务Spotify宣布它已经收购了音乐智能技术公司Echo Nest,
which analyses data for music services and helps shape playlist algorithms.
后者为诸多流媒体公司提供数据分析,以及构建播放列表等服务提供支持。
Beats soon followed by purchasing TopSpin Media, which collects data to help artists connect with their fans.
魔音公司随即收购了TopSpin Media,而这是一家能够通过采集信息去帮助艺术家们与粉丝联系的公司。
Warner Music Group recently launched a new label in partnership26 with Shazam, a music-recognition app.
华纳音乐集团近期与音乐雷达合作成立了一家新的唱片公司。
Together they will trawl Shazam's listener data to identify rising artists to sign up.
他们将一起收集分析Shazam的听音数据,以寻找并签下冉冉升起的新星。
Providing the streaming services can be persuaded to share their data,
提供流媒体服务的商家,也能够与唱片公司们分享自己的数据。
record labels will be able to see the response to new songs immediately,
而在这样的情况下,唱片公司们能够马上得知一首新歌的反响,
and put marketing27 dollars behind those that strike a chord.
并能从中挑选出扣人心弦的歌曲,从而投入市场推广资金。
Performers will get a better idea where their fans live, to optimise their tour schedules.
与此同时,音乐表演者们也能够对他们自己粉丝的居住地有较好的了解,从而优化他们的巡回演出计划。
The economics of streaming look quite different from those of earlier music formats28.
流媒体的盈利模式与先前的音乐格式相比显得十分不同。
On-demand streaming services pay a record label about three-tenths of a cent each time one of its songs is played,
以需求量为标准的流媒体服务商在每首歌点播之时,会给予唱片公司的3/10美分,
and online-radio services even less.
而网络电台服务商则支付得更少。
But music fans may play a favourite tune8 dozens, maybe hundreds of times,
但一些粉丝或许会连续播放一首自己喜欢的曲子数十遍,甚至上百遍,
so those fractions of pennies can add up.
因此这些零零碎碎的加总能得到一个很高的数字。
Streaming subscribers pay around 120 a year,
流媒体的付费订阅者每年大约要支付120美元,
which is more than double what the average American music consumer spends.
而这一数字大约是平均美国音乐消费者花费的两倍。
Yet some performers are unconvinced.
然而,一些歌手却对此表示怀疑。
Thom Yorke, the lead singer of Radiohead, has called Spotify the last desperate fart of a dying corpse29.
Radiohead乐队的主场汤姆·约克将Spotify称为一个垂死之人所放的绝望的最后一个屁。
Music services have responded by being more open about how artists are paid,
而服务商们对此的回应是,让歌手们的收入方式更为自由,
and arguing that their cheques will grow larger as more people sign up, as has happened in Sweden.
并表示歌手们的收入会随着付费订阅人群的增加而增加,就像瑞典的案例一样。
It is more complicated in countries with a well-established download market,
音乐市场状况在一些早已建立起了下载规范的国家来说显得更为复杂,
such as America and Britain, where industry executives worry that streaming may cannibalise downloads.
比如美国和英国,这些国家的老板们担心流媒体服务或许会催生出将音像资料分割开来的非法下载。
However, the bigger issue for artists is that so few people overall pay for music, says Will Page, an economist30 at Spotify:
然而,Spotify的经济顾问威尔·佩吉表示,对于歌手来说更大的问题是只有很少一部分人为音乐服务付费。
Half the population in the West spends nothing on music.
他说:目前西方国家当中的半数人口享受着免费音乐,
You can't cannibalise zero.
对此你可以不必担心所谓的分割下载能够损害唱片行业利益。
For years music has been a toxic31 place to invest.
多年以来,唱片行业都不是一个投资的好领域。
But the internet is at last bringing sexy back, as Justin Timberlake, a pop star turned actor and entrepreneur, might say.
但最终随着网络发展,唱片行业或许最终能像贾斯汀·汀布莱克所说的一样,实现强势回归。
Since 2009 investors32 have poured more than 1 billion into digital-music services in private transactions.
自2009年以来,私人交易领域中投资者们已经对数字音乐服务投入了超过100亿美元。
Speculation33 is mounting that Spotify, which was reportedly valued last year at more than 5 billion, will soon go public.
针对Spotify公司近期上市的传闻越来越多,而据报道称去年这家公司的估值已经超过了50亿美元。
Shares in Pandora, already listed, have nearly tripled in the past year.
上市公司Pandora的股价在去年几乎增长至原先三倍的水平。
Its market capitalisation is now almost 7 billion.
目前,该公司的市场价值约为70亿美元。
Such valuations assume that the services' popularity will continue to grow,
从这样的估价我们可以推断出,流媒体市场的热度将会持续上涨,
and that subscription-based ones will persuade a sufficient proportion of those using their free versions to upgrade to paid varieties.
并且付费订阅的服务商也会令足够大的一部分使用免费服务的用户,升级进入到付费市场当中来。
Worryingly, churn tends to be high: around 46% of users of subscription services have either switched or say they plan to, according to Mr Mulligan of MIDiA.
令人担忧的是,此行业的客户流失率也很高:来自MIDiA机构的穆里根先生所提供的资料显示,约有46%的付费订阅用户已经改变自己的音乐消费或者正打算改变。
Nevertheless, people in the record industry are talking about another golden age.
尽管如此,唱片行业的人都讨论着新一轮黄金时代。
There is bound eventually to be a shake-out among the many new streaming services.
在这为数众多的新进入市场的流媒体服务商当中,最终肯定会进行一次洗牌。
But for the music labels, it now seems clear that, once the physical CD has eventually gone the way of the wax cylinder4,
但目前对于唱片公司来说,如果实体光碟最终像黑胶唱片一样逐渐消亡,
they will still have a profitable way to exploit their catalogues,
那么他们也能找到另外一条有钱赚的路子,以继续歌曲创作事业。
based on music fans being offered instant access to a near-limitless online jukebox.
而这条路,便是持续地为音乐爱好者们提供一个几乎毫无限制的线上点播服务。


点击收听单词发音收听单词发音  

1 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家,化验员( analyst的名词复数 )
参考例句:
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
2 joyful N3Fx0     
adj.欢乐的,令人欢欣的
参考例句:
  • She was joyful of her good result of the scientific experiments.她为自己的科学实验取得好成果而高兴。
  • They were singing and dancing to celebrate this joyful occasion.他们唱着、跳着庆祝这令人欢乐的时刻。
3 bagpipes 51b0af600acd1be72b4583a91cae0024     
n.风笛;风笛( bagpipe的名词复数 )
参考例句:
  • Yes, and I'm also learning to play the bagpipes. 是的,我也想学习吹风笛。 来自超越目标英语 第3册
  • Mr. Vinegar took the bagpipes and the piper led the cow away. 于是醋溜先生拿过了风笛,风笛手牵走了奶牛。 来自互联网
4 cylinder rngza     
n.圆筒,柱(面),汽缸
参考例句:
  • What's the volume of this cylinder?这个圆筒的体积有多少?
  • The cylinder is getting too much gas and not enough air.汽缸里汽油太多而空气不足。
5 cylinders fd0c4aab3548ce77958c1502f0bc9692     
n.圆筒( cylinder的名词复数 );圆柱;汽缸;(尤指用作容器的)圆筒状物
参考例句:
  • They are working on all cylinders to get the job finished. 他们正在竭尽全力争取把这工作干完。 来自《简明英汉词典》
  • That jeep has four cylinders. 那辆吉普车有4个汽缸。 来自《简明英汉词典》
6 format giJxb     
n.设计,版式;[计算机]格式,DOS命令:格式化(磁盘),用于空盘或使用过的磁盘建立新空盘来存储数据;v.使格式化,设计,安排
参考例句:
  • Please format this floppy disc.请将这张软盘格式化。
  • The format of the figure is very tasteful.该图表的格式很雅致。
7 muse v6CzM     
n.缪斯(希腊神话中的女神),创作灵感
参考例句:
  • His muse had deserted him,and he could no longer write.他已无灵感,不能再写作了。
  • Many of the papers muse on the fate of the President.很多报纸都在揣测总统的命运。
8 tune NmnwW     
n.调子;和谐,协调;v.调音,调节,调整
参考例句:
  • He'd written a tune,and played it to us on the piano.他写了一段曲子,并在钢琴上弹给我们听。
  • The boy beat out a tune on a tin can.那男孩在易拉罐上敲出一首曲子。
9 advertising 1zjzi3     
n.广告业;广告活动 a.广告的;广告业务的
参考例句:
  • Can you give me any advice on getting into advertising? 你能指点我如何涉足广告业吗?
  • The advertising campaign is aimed primarily at young people. 这个广告宣传运动主要是针对年轻人的。
10 premium EPSxX     
n.加付款;赠品;adj.高级的;售价高的
参考例句:
  • You have to pay a premium for express delivery.寄快递你得付额外费用。
  • Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后,清水便因稀而贵了。
11 subscribe 6Hozu     
vi.(to)订阅,订购;同意;vt.捐助,赞助
参考例句:
  • I heartily subscribe to that sentiment.我十分赞同那个观点。
  • The magazine is trying to get more readers to subscribe.该杂志正大力发展新订户。
12 variants 796e0e5ff8114b13b2e23cde9d3c6904     
n.变体( variant的名词复数 );变种;变型;(词等的)变体
参考例句:
  • Those variants will be preserved in the'struggle for existence". 这些变异将在“生存竞争”中被保留下来。 来自辞典例句
  • Like organisms, viruses have variants, generally called strains. 与其他生物一样,病毒也有变种,一般称之为株系。 来自辞典例句
13 subscription qH8zt     
n.预订,预订费,亲笔签名,调配法,下标(处方)
参考例句:
  • We paid a subscription of 5 pounds yearly.我们按年度缴纳5英镑的订阅费。
  • Subscription selling bloomed splendidly.订阅销售量激增。
14 offset mIZx8     
n.分支,补偿;v.抵消,补偿
参考例句:
  • Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
  • He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。
15 adoption UK7yu     
n.采用,采纳,通过;收养
参考例句:
  • An adoption agency had sent the boys to two different families.一个收养机构把他们送给两个不同的家庭。
  • The adoption of this policy would relieve them of a tremendous burden.采取这一政策会给他们解除一个巨大的负担。
16 outfit YJTxC     
n.(为特殊用途的)全套装备,全套服装
参考例句:
  • Jenney bought a new outfit for her daughter's wedding.珍妮为参加女儿的婚礼买了一套新装。
  • His father bought a ski outfit for him on his birthday.他父亲在他生日那天给他买了一套滑雪用具。
17 previously bkzzzC     
adv.以前,先前(地)
参考例句:
  • The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
  • Let me digress for a moment and explain what had happened previously.让我岔开一会儿,解释原先发生了什么。
18 technological gqiwY     
adj.技术的;工艺的
参考例句:
  • A successful company must keep up with the pace of technological change.一家成功的公司必须得跟上技术变革的步伐。
  • Today,the pace of life is increasing with technological advancements.当今, 随着科技进步,生活节奏不断增快。
19 reigning nkLzRp     
adj.统治的,起支配作用的
参考例句:
  • The sky was dark, stars were twinkling high above, night was reigning, and everything was sunk in silken silence. 天很黑,星很繁,夜阑人静。
  • Led by Huang Chao, they brought down the reigning house after 300 years' rule. 在黄巢的带领下,他们推翻了统治了三百年的王朝。
20 dealer GyNxT     
n.商人,贩子
参考例句:
  • The dealer spent hours bargaining for the painting.那个商人为购买那幅画花了几个小时讨价还价。
  • The dealer reduced the price for cash down.这家商店对付现金的人减价优惠。
21 cosmos pn2yT     
n.宇宙;秩序,和谐
参考例句:
  • Our world is but a small part of the cosmos.我们的世界仅仅是宇宙的一小部分而已。
  • Is there any other intelligent life elsewhere in the cosmos?在宇宙的其他星球上还存在别的有智慧的生物吗?
22 licensing 7352ce0b4e0665659ae6466c18decb2a     
v.批准,许可,颁发执照( license的现在分词 )
参考例句:
  • A large part of state regulation consists of occupational licensing. 大部分州的管理涉及行业的特许批准。 来自英汉非文学 - 行政法
  • That licensing procedures for projects would move faster. 这样的工程批准程序一定会加快。 来自辞典例句
23 nostalgia p5Rzb     
n.怀乡病,留恋过去,怀旧
参考例句:
  • He might be influenced by nostalgia for his happy youth.也许是对年轻时幸福时光的怀恋影响了他。
  • I was filled with nostalgia by hearing my favourite old song.我听到这首喜爱的旧歌,心中充满了怀旧之情。
24 navigate 4Gyxu     
v.航行,飞行;导航,领航
参考例句:
  • He was the first man to navigate the Atlantic by air.他是第一个飞越大西洋的人。
  • Such boats can navigate on the Nile.这种船可以在尼罗河上航行。
25 celebrities d38f03cca59ea1056c17b4467ee0b769     
n.(尤指娱乐界的)名人( celebrity的名词复数 );名流;名声;名誉
参考例句:
  • He only invited A-list celebrities to his parties. 他只邀请头等名流参加他的聚会。
  • a TV chat show full of B-list celebrities 由众多二流人物参加的电视访谈节目
26 partnership NmfzPy     
n.合作关系,伙伴关系
参考例句:
  • The company has gone into partnership with Swiss Bank Corporation.这家公司已经和瑞士银行公司建立合作关系。
  • Martin has taken him into general partnership in his company.马丁已让他成为公司的普通合伙人。
27 marketing Boez7e     
n.行销,在市场的买卖,买东西
参考例句:
  • They are developing marketing network.他们正在发展销售网络。
  • He often goes marketing.他经常去市场做生意。
28 formats 57e77c4c0b351cea2abb4e8b0042b074     
n.(出版物的)版式( format的名词复数 );[电视]电视节目的总安排(或计划)
参考例句:
  • They are producing books in all kinds of different formats. 他们出版各种不同开本的书籍。 来自《简明英汉词典》
  • A true GUI includes standard formats for representing text and graphics. 真正的图形用户界面包括表示文字和图形的标准格式。 来自互联网
29 corpse JYiz4     
n.尸体,死尸
参考例句:
  • What she saw was just an unfeeling corpse.她见到的只是一具全无感觉的尸体。
  • The corpse was preserved from decay by embalming.尸体用香料涂抹以防腐烂。
30 economist AuhzVs     
n.经济学家,经济专家,节俭的人
参考例句:
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家,自以为什么都懂。
31 toxic inSwc     
adj.有毒的,因中毒引起的
参考例句:
  • The factory had accidentally released a quantity of toxic waste into the sea.这家工厂意外泄漏大量有毒废物到海中。
  • There is a risk that toxic chemicals might be blasted into the atmosphere.爆炸后有毒化学物质可能会进入大气层。
32 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
参考例句:
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
33 speculation 9vGwe     
n.思索,沉思;猜测;投机
参考例句:
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
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