Tencent Music Entertainment Reports Revenue, Subscriber Growth In 2021

SHENZEN, China (CelebrityAccess) — Chinese language music streaming big Tencent Music Leisure Group revealed that whereas income slid within the fourth quarter of 2021, the corporate noticed modest development for the total 12 months.

For the fourth quarter of 2021, TME reported revenues of $1.19 billion down by 8.7% year-over-year, regardless of will increase in music service income which TME mentioned improved by 4.3% year-over-year.

Paying customers for on-line music improved considerably over the quarter, in line with TME, reaching 76.2 million subscribers throughout all platforms, up by growing by 36.1% year-over-year.

On a sequential foundation, the variety of on-line music paying customers grew by 5.0 million and the paying ratio was 12.4%, up from 11.2% within the third quarter of this 12 months and 9.0% within the fourth quarter of final 12 months.

In all, TME reported internet revenue of $91 million in the course of the quarter.

For the total fiscal 12 months of 2021, TME noticed revenues improve to $4.90 billion, up by 7.2% from the earlier 12 months’s outcomes.

Income from TME’s on-line music providers grew by 22.7% year-over-year, pushed by a 31.9% improve in subscriptions, which accountd for $1.15 billion in income in 2021, the corporate mentioned.

“In 2021, we registered 7% year-over-year development in whole revenues and sustained profitability, boosted by strong development of on-line music paying customers reaching a document excessive of 76.2 million, reflecting the vitality and resilience of our enterprise by means of resolute execution of the twin engine content-and-platform technique. Whereas fourth quarter social leisure revenues moderated amid growing competitors and altering macro surroundings, our subscription revenues sustained robust development. We added 5.0 million internet paying customers by persevering with to offer high-quality music content material, an distinctive streaming expertise, and numerous, industry-leading platform options. Sooner or later, we’ll concentrate on optimizing our value construction and bettering working effectivity throughout our companies whereas persevering with to drive innovation, higher consumer experiences and wholesome {industry} growth,” mentioned Mr. Cussion Pang, Government Chairman of TME.

“Leveraging our proprietary instruments and applied sciences, we’re happy to see our funding in unique music manufacturing beginning to repay, in addition to an growing variety of indie musicians discovering a house on our Tencent Musician Platform. With broad capabilities throughout the content material worth chain, we’ll repeatedly broaden content material manufacturing, licensing, operation, promotion, and monetization efforts to reinforce the size and fortify the standard and competitiveness of our music catalog. Primarily based on the boldness now we have in the way forward for our twin engine content-and-platform technique, now we have accomplished over 50% of the $1 billion share repurchase program introduced final 12 months, and plan to finish the remainder of this system all through this 12 months. As well as, to offer our shareholders with higher liquidity and safety amid an evolving regulatory surroundings, we’re pursuing a secondary itemizing on the Essential Board of the Hong Kong Inventory Change by means of a list by means of introduction (which is a direct itemizing with none providing of recent shares), topic to regulatory approvals,” Mr. Pang concluded.

“We’re inspired by the progress we’ve made with key developments in our modern platform technique, constructed on our 4 pillars of music leisure: hear, watch, sing and play. For instance, QQ Music, Kugou Music and Kuwo Music just lately launched main model upgrades incorporating refreshed product ideas, in addition to optimized operations, UI design and different technological improvements,” mentioned Mr. Ross Liang, CEO of TME.

“Lengthy-form audio has additionally confirmed to be a superb complement to our highly effective music portfolio, contributing to increasing consumer scale with long-form audio MAUs reaching over 150 million, representing a 65% development year-over-year. Furthermore, now we have tightened our reference to the broader Tencent ecosystem and gained multi-dimensional advantages together with differentiated promotion channels and extra content material and instruments accessible to our platform, which additionally invigorate our musician ecosystem. Transferring ahead, we’ll tirelessly drive product improvements that can in the end make our customers extra engaged in our platform’s immersive pan-entertainment expertise,” concluded Mr. Liang.