Why did Sound Group's Q4 2023 revenue drop sharply?

Sound Group Inc. (SOGP) experienced a significant decline in revenue during Q4 2023, which can be attributed to several factors:

1. **Market Conditions and Competition**: The audio-centric social and entertainment market is highly competitive, and Sound Group faced challenges from other established players and new entrants. Market conditions, including changes in user behavior and preferences, can impact revenue. For instance, the shift towards video-based social platforms could have reduced the demand for audio-centric services.
2. **Strategic Changes**: Sound Group underwent a significant strategic change by renaming from LIZHI INC. to Sound Group Inc. in January 2024. Such a change could have disrupted its market positioning and required adjustments in its business operations, which might have temporarily impacted revenue.

In summary, Sound Group's revenue drop in Q4 2023 was likely a result of a combination of competitive pressures and strategic shifts.