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Tencent Music Entertainment Group (TME), listed on the NYSE under the symbol TME, is China's leading online music and audio entertainment platform. Established in 2016, TME operates popular music streaming services such as QQ Music, Kugou Music, Kuwo Music, and the karaoke app WeSing. These platforms allow users to discover and enjoy music in personalized ways, engage in online karaoke, and experience live streaming performances.
Core Services and Products: TME offers a diverse array of services, including music streaming, live audio and video broadcasts, online concerts, and music-centric live streaming. Their platforms support a vast range of interactive functionalities, such as karaoke singing and sharing, which foster a vibrant community of music lovers. Additionally, TME sells music-related merchandise like Kugou M1 headsets, smart speakers, WeSing karaoke microphones, and hi-fi systems. They also facilitate online ticketing for music events and provide music services for smart devices and automobiles.
Partnerships and Innovations: TME has a strategic partnership with Universal Music Group (UMG), providing access to UMG's extensive music catalog and offering content in Dolby Atmos and HD formats. This collaboration enhances TME's rich content offerings and user experience. TME also actively engages in nurturing new musical talents and fostering creativity within the industry.
Recent Achievements: In 2023, TME achieved several milestones, including surpassing 100 million paying users for its online music services. The company reported strong financial growth, with total revenues for Q2 2023 reaching RMB7.29 billion and a significant increase in net profit. TME's innovative use of AI and AIGC (Artificial Intelligence Generated Content) has enhanced user experience and engagement across their platforms.
Financial Performance: For the full year of 2023, TME reported revenues of RMB27.75 billion, an improvement in gross margin to 35.3%, and a net profit of RMB5.22 billion. The company also implemented cost control measures, resulting in increased operating efficiency and profitability.
Corporate Social Responsibility: TME is committed to leveraging music for social good. Their initiatives include charity concerts for children with hearing impairments and music education projects for underprivileged communities. These efforts highlight TME's dedication to making a positive impact through music.
Outlook and Future Plans: Looking ahead, TME aims to continue expanding its user base and enhancing its platform capabilities through technological innovations. The company's focus on delivering high-quality music experiences and fostering a robust music ecosystem positions it well for sustained growth.
Tencent Music Entertainment Group (TME) reported strong Q3 2024 financial results with total revenues of RMB7.02 billion (US$1.0 billion), up 6.8% year-over-year. Music subscription revenues grew 20.3% to RMB3.84 billion, with paying users increasing 15.5% to 119.0 million. Net profit rose 35.3% to RMB1.71 billion. The company's gross margin improved to 42.6% from 35.7% year-over-year. Operating profit increased 50.5% to RMB2.14 billion. TME maintained a strong cash position of RMB36.04 billion and continued its share repurchase program, having bought back US$335.5 million worth of ADSs.
Tencent Music Entertainment Group (TME) has announced a strategic partnership with Galaxy , representing global musician G-Dragon, for his upcoming regional tour. TME will serve as the proprietary tour partner for G-Dragon's concerts across Southeast Asia, the Middle East, Hong Kong, Macao, Taiwan, Australia, and New Zealand. This collaboration aligns with TME's vision of expanding its global presence and connecting international audiences with exceptional music experiences.
The partnership aims to integrate AI, AR, mixed reality, and robotics into entertainment, creating a new concert experience for global audiences. TME's Global Music Outreach program and JOOX streaming service in Southeast Asia are part of its efforts to broaden its international footprint. This strategic move is expected to elevate G-Dragon's overseas tour experience and reinforce TME's growing influence in the global music industry.
Tencent Music Entertainment Group (TME), China's leading online music and audio entertainment platform, has announced it will release its unaudited financial results for the third quarter of 2024 on November 12, 2024, before the U.S. market opens. The company's management will host a Tencent Meeting Webinar on the same day at 6:00 A.M. Eastern Time or 7:00 P.M. Beijing/Hong Kong Time to discuss the financial performance and business review.
Participants can join the webinar by completing online registration in advance. Links for registration are provided for both Chinese Mainland and International participants. A live and archived webcast of the webinar will also be available on TME's investor relations website.
Tencent Music Entertainment Group (TME), China's leading online music and audio entertainment platform, has released its inaugural Environmental, Social and Governance (ESG) report. The report showcases TME's commitment to sustainable practices and long-term value creation, detailing initiatives and performance in key areas such as:
- Responsible platform management
- Employee care
- Social responsibility
Cussion Pang, TME's Executive Chairman, emphasized the company's dedication to developing and implementing a sustainability strategy, stating their commitment to continuously shaping a sustainable future. The full ESG report is accessible on the company's investor relations website.
Tencent Music Entertainment Group (TME) has launched its Global Music Outreach Initiative, aiming to showcase Chinese music artists on international stages. The initiative kicks off in Singapore from September 13 to 17, 2024, coinciding with the Singapore Grand Prix Season. TME will present live performances by prominent Chinese acts, host music sessions, campus visits, and industry forums.
The company will participate in the Asia-Pacific music forum, Music Matters, and collaborate with local universities for cultural exchanges. TME has partnered with People's Daily to create the theme song "Hear It," featuring Chinese singer-songwriter Tia Ray. The initiative will expand to other countries, furthering TME's mission to share Chinese music globally and create new opportunities for industry growth.
Tencent Music Entertainment Group (NYSE: TME) reported its Q2 2024 financial results. Total revenues decreased 1.7% YoY to RMB7.16 billion (US$985 million), primarily due to a decline in social entertainment services. However, online music services saw strong growth, with music subscription revenues up 29.4% YoY to RMB3.74 billion (US$515 million). The number of paying users increased 17.7% YoY to 117.0 million. Net profit grew 33.1% YoY to RMB1.79 billion (US$247 million). The company's focus on user-centric innovation and content enrichment led to improved subscriber growth and retention. TME continues to expand its content library, deepen record label collaborations, and enhance its self-produced content offerings.
Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698), China's leading online music and audio entertainment platform, has announced a significant management change. Ms. Linlin Chen, the company's Group Vice President, has resigned from her position and other relevant roles, effective September 30, 2024. The resignation is attributed to personal reasons.
Mr. Cussion Pang, Executive Chairman of TME, expressed gratitude for Ms. Chen's dedicated service and acknowledged her contributions to the success of Kugou Music, one of China's leading music streaming platforms. The company respects her decision and wishes her well in her future endeavors.
Tencent Music Entertainment Group (NYSE: TME, HKEX: 1698), China’s leading online music and audio entertainment platform, will release its unaudited financial results for Q2 2024 on August 13, 2024, before the U.S. market opens.
A Tencent Meeting Webinar will be held on the same day at 7:00 A.M. ET or 7:00 P.M. Beijing/Hong Kong Time to review and discuss the company's business and financial performance. Participants are required to register online in advance to receive access information. A live and archived webcast will be available on Tencent Music's investor relations website.
Tencent Music Entertainment Group (TME) held its 2024 Annual General Meeting (AGM) in Hong Kong on June 28, 2024.
All proposed resolutions, as listed in the AGM notice dated May 21, 2024, were passed successfully. TME continues to maintain its position as the leading online music and audio entertainment platform in China.
Tencent Music Entertainment Group (TME) announced its annual general meeting (AGM) will be held on June 28, 2024, at 10 a.m. in Hong Kong. The AGM will occur at 10/F, The Hong Kong Club Building, 3A Chater Road, Central, Hong Kong. Shareholders will vote on proposed resolutions supported by the Board of Directors. Those holding the company's ordinary shares as of May 21, 2024, can attend and vote. ADS holders must provide voting instructions to The Bank of New York Mellon. Additionally, TME has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC. The report, including audited financial statements, is available on the SEC and company websites.
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