Tencent Music to Team Up With Warner Music Group for New Record Label in China 5m6x3i Entertainment News

The Chinese music streaming platform also signed an extended multi-year licencing agreement with Warner Music Group. d5s1

By Reuters | Updated: 23 March 2021 11:26 IST

Tencent Music to Team Up With Warner Music Group for New Record Label in China

The deal can help Tencent, which owns a stake in Universal Music Group, add more exclusive content 2l4p2j

Highlights

Most of Tencent Music's s are in its music streaming unit
But the biggest revenue drivers are social entertainment services
People are looking for a lot of entertainment while stuck being at home

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Tencent Music Entertainment Group said on Monday it will create a t venture record label with Warner Music Group in China, after reporting better-than-expected revenue on higher subscriptions in the fourth quarter.

The Chinese music streaming platform also signed an extended multi-year licensing agreement with the US music label. The deal can help Tencent, which owns a stake in Universal Music Group, add more exclusive content.

People looking for a variety of entertainment, while stuck at home during the Tencent Music's fourth quarter as it added more paying s.

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Revenue rose 14.3 percent to CNY 8.34 billion (roughly Rs. 9,270 crore) in the quarter from a year earlier, beating estimates of CNY 8.33 billion (roughly Rs. 9,260 crore). The sales were boosted by a 40.4 percent jump to 56 million paid subscribers in the company's online music service.

Most of Tencent Music's s are in its music streaming unit, but the biggest revenue drivers are social entertainment services, including karaoke platforms, where s can live stream concerts and shows. Revenue from social entertainment services and others grew 8.2 percent to CNY 5.58 billion (roughly Rs. 6,200 crore).

Excluding items, the company earned CNY 80 (roughly Rs. 890) per American Depository Share (ADS), missing analysts' average estimate of CNY 81 (roughly Rs. 900) per ADS, according to IBES data from Refinitiv .

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© Thomson Reuters 2021

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