Tencent Music Entertainment (TME) Group is the operator of music streaming and download services.
Tencent Music Entertainment Group is a company that develops music streaming services for the Chinese market. Tencent Music’s apps include QQ Music, Kugou, Kuwo, and WeSing; which have more than 800 million active users and 120 million paying subscribers. As of July 2016, Tencent Music’s three services held an estimated 56% market share of music streaming services in China.
In the first quarter of 2021, Tencent Music announced it had 60.9 million paying users, up 42.6% compared to the 42.7 million paying users in the first quarter of 2020. In addition, the total number of music streaming users was announced to be 615 million, a drop of 6.4% compared to the first quarter of 2020 (657 million).
Although slightly below the expected 32.3 billion yuan, Tencent’s profitability demonstrates its financial resilience in the face of economic turmoil.
Tencent Music entertainment noted that users are more willing to pay for the premium features. In Q2, the company registered 20% surge in the total paying users for its online music streaming service.
The company also revealed that both its US and Hong Kong stocks will be fully fungible which means that stocks bought or sold in one market can be converted or sold in another.
