Tencent Music
Tencent Music Reports Strong Quarter Before Regulator Crackdown
While Chinese regulators were placing strict control upon the country’s tech sector this spring, its local music streaming giant Tencent Music Entertainment improved revenue and subscriber numbers substantially. In the period from April 1 to June 30, the parent company to steaming services QQ, Kuguo and Kuwo saw music revenues climb 32.8% to 1.79 billion RMB ($277 million) and subscribers jump 40.6% to 66.2 million, compared to the prior quarter, according to the company’s second-quarter earnings report released Monday (Aug. 16). For a company with a 77% market share in the country, it’s a testament to the rapid pace of growth in China’s hot music market. (That’s far greater gains on both accounts, in percentage terms, than Spotify achieved in same time span — 17% and 19.6%, respecti...
Tencent Music Revenue Hit New Highs in Q1 as Coronavirus Spread Through China
The Chinese music streaming company took a hit, but still grew earnings 27.4% year-over-year. Tencent Music Entertainment (TME), the Chinese music streaming company with 657 million monthly listeners, took a hit from the coronavirus pandemic in the first quarter but was able to grow both music subscribers and revenue. According to the company’s earnings report released Monday, Q1 music revenues leapt 27.4% year over year to $288 million while monthly average users grew 0.5%. Even though the pandemic led people to spend more time with entertainment, TME’s social media revenue rose just 3.3% even though 256 million people, a 13.3% gain, used its social app, WeSing. Still, music is a relatively low earner for TME; social media delivered an average revenue per media revenue per user of $15.65 ...
