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Tencent Music facing increased China scrutiny, committed to all laws
- Tuesday | 18th May, 2021
(Reuters) – Tencent Music Entertainment Group confirmed on Tuesday it is facing heightened scrutiny from Chinese regulators, adding it was “actively cooperating” with them and is committed to complying with all laws “including those related to anti-trust”. This is the first time the Tencent group has publicly commented on the matter. Reuters reported last month that Tencent Holdings, which controls music streaming company Tencent Music, was told by Chinese anti-trust regulators to pay a fine, give up exclusive music rights and sell some of its music assets. Tencent Music beat quarterly profit and revenue estimates on Monday, driven by strong growth in subscription and advertising revenue from its music streaming platform. Profit attributable to equity holders of Tencent Music rose to 926 million yuan ($143.94 million) in the quarter from 887 million yuan a year earlier.
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