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Tencent charging for more content drives up profit
- Wednesday | 15th May, 2019
BEIJING (Reuters) – China’s Tencent Music Entertainment Group said it had started charging for more of its content in the first quarter as the popularity of its pay-for-streaming services helped drive up profit to above expectations. Tencent Music expects its decision to shift more music behind a paywall, including music from popular Taiwanese singer Jay Chou, to bring in more revenue generated. The Swedish streaming service is a stakeholder in Tencent Music. Revenue growth of 39% to 5.74 billion yuan ($835 million), however, fell short of analysts’ estimate of 5.797 billion yuan. Unlike Western peers such as Spotify Technology SA, Tencent Music generates only a fraction of revenue from music subscription packages, and instead relies heavily on services popular in China such as online karaoke and live streaming.
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