Tencent Music Entertainment Group ("Tencent Music", "TME", or the "Company") (NYSE: TME), the leading online music entertainment platform in China, today announced that it will report its unaudited financial results for the first quarter of 2020 after the U.S. market closes on Monday, May 11, 2020.
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It is going to be a painful year for the global music industry as concerts get shelved, but the best has yet to come, says Goldman Sachs.
Vivendi has closed the sale of 10% of its subsidiary Universal Music Group to a consortium led by the Chinese tech giant Tencent. The deal, which was announced in December, values UMG at €30 billion ($33 billion). As part of the agreement, the consortium - which includes Tencent Music Entertainment, as well as other financial […]
China’s Tencent Music has completed an investment in Radio Music Warehouse, a music-for-business company that distributes content to shops offices and other workplaces. The deal was announced this week with few financial terms disclosed. One of the few details shows that Tencent has been granted the right to increase its stake to a position of […]
Tencent Music Entertainment (TME) (NYSE: TME) announced it has completed an equity investment in Radio Music Warehouse, a leading music company that provides music streaming solutions to business use in China, on April 27. TME has also obtained a right to further increase its shareholdings to controlling stake in the company. Upon completion of the transaction, TME will provide Radio Music with access to a rich and diversified music library to meet the personalized demands of its customers. At the same time, TME will promote and distribute its high quality music content, via the hundreds of thousand offline spots in China that is using Radio Music's in-store music solutions.
Now I will turn the conference over to your speaker host today, Ms. Millicent T. Please go ahead, ma'am. Tencent Music announced its quarterly financial results today after the market close. Today, you'll hear from Mr. Cussion Pang, our CEO, who will start the call with an overview of our recent achievements and growth strategies.
Monthly average revenue per subscriber paying for the company's social entertainment services fell 13% in the first quarter ended March 31. Tencent Music, controlled by Chinese tech giant Tencent Holdings <0700.HK>, gets nearly three quarters of its revenue from this business, unlike peers including Spotify
Listeners of podcasts, audiobooks and other audio shows are estimated to number 542 million in China this year, according to a third-party survey by marketing firm iiMedia. The group's main line of businesses goes beyond music streaming to encompass virtual karaoke, live streaming and audio content; a category that has recently seen a big push from the firm. In its newly released quarterly report, TME said it has made "significant progress in expanding" its audio library by adding thousands of new adaptions from popular IP pieces and works from independent producers.
Lockdowns and travel retrictions prompted by the new coronavirus have been a boon to JOOX, Chinese tech giant Tencent's international music streaming platform, driving traffic to its karaoke services up by as much as 50%, an executive said. Launched in 2015, JOOX is an overseas version of China's top music streaming company Tencent Music Entertainment Group and marks the gaming and social media group's international challenge to bigger rivals such as Spotify Technology SA. JOOX, which operates in Southeast Asia, Hong Kong and South Africa, is already vying for the top spot in music streaming services with Alphabet Inc's Youtube Music and Spotify in Indonesia, Malaysia and Thailand.
The social entertainment firm reported healthy growth in its online music segment, but missed estimates on quarterly revenue.
Tencent Music Entertainment Group ("Tencent Music," "TME," or the "Company") (NYSE: TME), the leading online music entertainment platform in China, today announced that a consortium (the "Consortium") led by Tencent Holdings Limited (00700.HK) and participated by the Company (through one of its wholly-owned subsidiaries) and other co-investors has completed the acquisition of a 10% equity stake in Universal Music Group ("UMG") from its parent company, Vivendi SE (VIV.PA), at an enterprise value of EUR30 billion for 100% of UMG's share capital (the "Transaction"). The Consortium has the option to purchase up to an additional 10% equity stake in UMG at an equivalent enterprise valuation as in the Transaction until January 15, 2021.
Vivendi closed on Tuesday the sale of a 10% stake in Universal Music Group (UMG) - home to Taylor Swift and The Beatles - to a Tencent-led consortium, in a deal giving UMG an enterprise value of 30 billion euros ($33 billion). The French conglomerate, in which billionaire Vincent Bollore's holding company has the biggest stake, said it would now examine the possible sale of other minority interests in UMG, with an initial public offering of those assets planned for early 2023.
The coronavirus outbreak weighed on costs at Tencent Music Entertainment, China’s largest online music business. But the stay-at-home orders helped the group to increase its paying subscriber numbers. For the first three months of the year, revenues the company showed revenues gaining by 10% to RMB6.31 billion ($891 million), and net profits down 10% to […]
Tencent Music's (TME) fourth-quarter 2019 results benefit from expanded paid mobile subscriber base and increase in the number of users willing to pay for premium music service.
Tencent Music stock dropped in late trading after the China-based provider of streaming music services reported quarterly results that beat on earnings but missed estimates on revenue.
Fewer people are buying virtual gifts for live streamers as the pandemic throttles discretionary spending.
Tencent Music Entertainment Group ("Tencent Music," "TME," or the "Company") (NYSE: TME), the leading online music entertainment platform in China, today announced that it has filed its annual report on Form 20-F that includes its audited financial statements for the fiscal year ended December 31, 2019 with the Securities and Exchange Commission (the "SEC") on March 25, 2020, U. S. Eastern Time.
Tencent Music Entertainment Group ("Tencent Music," "TME," or the "Company") (NYSE: TME), the leading online music entertainment platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2020.