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Frater Asia
China
China’s Tencent Music Is Little Shaken by Coronavirus Impact
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variety.com
variety.comBy Patrick Frater Asia Bureau Chief The coronavirus outbreak weighed on costs at Tencent Music Entertainment, China’s largest online music business.
But the stay-at-home orders helped the group to increase its paying subscriber numbers. For the first three months of the year, revenues the company showed revenues gaining by 10% to RMB6.31 billion ($891 million), and net profits down 10% to RMB887 million $125 million).
Subscription has traditionally not been the dominant business model for the company. So, the acceleration in paying subscriber numbers was welcomed by the company’s management.
They rose 70% year-on-year, to reach 42.7 million at the end of March, now representing 6.5% of the company’s monthly users.
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