Patrick Frater Asia Bureau Chief Tencent Music Entertainment grew its 2022 profits by 21% to $533 million (RMB3.68 billion), helped by cost cutting and a growing subscription base.
It achieved this despite a 9% decrease in revenues to $4.1 billion (RMB28.3 billion). The group, which is backed by Chinese tech and entertainment giant Tencent and has stock market listings on the New York Stock Exchange and in Hong Kong, is China’s largest digital music outfit and controls large equity stakes in Spotify and (in a consortium with Tencent) Universal Music Group.
Tencent Music’s own operations divide loosely into two clusters: mass market music streaming, with paid-for and free tiers; and “social entertainment,” including karaoke and other derivative products.
After a period of reengineering, the group said 2023 is the year that it finally “expects [..] quarterly revenues from online music services will exceed those from social entertainment services.” “Revenues from online music services for the full year of 2022 increased by 8.9% year-over-year to RMB12.48 billion ($1.81 billion).
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