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Wednesday, May 17, 2023

STREAMING GROWTH POWERS TENCENT

Tencent Music’s streaming revenue was on par with social music in the first quarter of the year as each unit pulled in $510m.

Online music revenue for China's music powerhouse was up 34% over 2022 as the number of paying users reached 94.4m, an 18% spike.

The company said it plans to focus on new initiatives such as livestreaming, real-time interactive experiences and international expansion.

“We are pleased to see that the revenue size of our online music services has now caught up with social entertainment services for the first time," said Tencent Music Executive Chairman Cussion Pang. "This signifies that our long-term commitment to developing a sustainable online music business model is bearing fruit."

Chief Strategy Officer Tony Yip told analysts that the company is developing a chatbot through which users can discover new content.

 
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