Tencent Music Entertainment records 5.3 million new music online

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Tencent Music Entertainment (TME) have just announced their unaudited financial results for the second quarter of 2021.

House for the tastes of QQ Music, Kugou, KuWo, and We sing, the company also has a strategic partnership with SM entertainment for the dissemination of his music in China.

In its financial report, the company announced that the total number of paid online music users has increased by 5.3 million, the largest net quarterly increase since 2016. This is a year-over-year increase of 40.6%, bringing the total number of paid online music users to 66.2 million.

TME also saw an increase in music subscription revenue in the second quarter, amassing revenue of $ 277 million, a 36.3% year-over-year growth.

In a press release, the executive chairman of TME Cussion Pang said: “In the second quarter, we saw steady growth overall. Our strong online music monetization momentum was supported by solid growth in subscriptions and advertising revenue, while social entertainment services continued to grow at a good pace. “

In addition to the financial report, TME also announced its intention to improve its content in the future.

TME will continue to deepen its partnerships with music labels, collaborating with artists and industry partners to curate more original content and adopting a hybrid model for hosting online and offline events for TME live.

The audio entertainment company will also work with Weixin video account to promote musicians such as online concerts, citing Stylish summer live as an example which was a collaboration between QQ Music and Weixin video account. They will also use Weixin’s social network to drive engagement by using their AI technology to provide excellent translation of songs from English to Chinese.




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