Tencent Music Entertainment Announces First Digital Commemorative Trophy in China's Music Industry

Rhea-AI Summary

Tencent Music Entertainment Group (TME) has introduced the first digital commemorative trophy in China's music industry, recognizing individuals and groups fostering progress in music. The inaugural awards celebrate contributions like Leslie Cheung's remastered concert video and the TMELAND users for building a virtual music space. TME reported a 17.8% year-over-year growth in subscription revenue, achieving over 80 million paying users. This initiative underscores TME's commitment to enhancing China's music ecosystem while promoting social value and driving long-term success.

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• 17.8% year-over-year growth in subscription revenues.
• Over 80 million paying users, a record high.

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• None.

SHENZHEN, China, May 20, 2022 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE: TME), the leading online music and audio entertainment platform in China, today announced the recipients of the first digital commemorative trophy in China's music industry.

To be announced on a quarterly basis, the digital commemorative trophy aims to honor individuals and groups who contribute to promoting industry progress and creating social value through music. TME created the trophy to show gratitude to music creators, professionals and music lovers, encouraging people to continue to create valuable content and initiatives for the whole industry.

TME announced a total of 11 trophies in the first batch. One trophy went to Leslie Cheung's legendary concert video, which was remastered with advanced AI technology to bring back the passion and memories from 22 years ago for fans. One trophy went to the first batch of users on TMELAND, celebrating their efforts to build a new virtual music world with TME, while another went to 141 groups of artists, who jointly produced an eight-hour online live-streaming concert relay. Every participant of the "Shape of Music" project was named for their goodwill in charity. In addition, multiple indie musicians received honors for their high-quality works of music creation. Inspired by vinyl records, the trophy's design incorporated TME's leading digital collection technologies, which would make the precious moments memorable forever.

The digital commemorative trophy represents TME's continuous dedication to invigorating China's music ecosystem. On May 17, TME announced its financial results for the first quarter of 2022. TME delivered healthy 17.8% year-over-year growth in subscription revenues, with a record-high number of over 80 million paying users. Behind the solid performance, TME keeps focusing on its dual engine content-and-platform strategy and innovating around the four pillars of its music entertainment experience: listen, watch, sing and play.

As a leading player in China's music industry, TME will continue its devotion and commitment to social value, driving momentum for long-term success and promoting the healthy development of the music industry.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to use technology to elevate the role of music in people's lives by enabling them to create, enjoy, share and interact with music. TME's platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.

Media Contact

TME.PR@icrinc.com
+1 (646) 992-2986 

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SOURCE Tencent Music Entertainment Group

FAQ

What is the digital commemorative trophy announced by TME?

The digital commemorative trophy aims to honor individuals and groups promoting progress in China's music industry, with awards announced quarterly.

When did TME announce its first digital commemorative trophy?

TME announced the first digital commemorative trophy on May 20, 2022.

What financial results did TME report in Q1 2022?

In Q1 2022, TME reported a 17.8% year-over-year growth in subscription revenues.

How many paying users did TME have as of May 2022?

As of May 2022, TME had over 80 million paying users.

What are some of the notable recipients of the TME trophy?

Notable recipients include Leslie Cheung's concert video and participants of the TMELAND initiative.