Tencent Music Profits Slip in Year of Turmoil
variety.comPatrick Frater Asia Bureau ChiefProfits at Tencent Music Entertainment, China’s largest online music group, dropped in a year of regulatory turmoil and market evolution.Revenues at the company managed a 7% year on year increase, reaching RMB31.2 billion ($4.90 billion) from RMB29.15 billion in the same period of 2020, the company said in a filing on Tuesday.
Net profit attributable to equity holders in 2021 was RMB3.03 billion ($475 million), down 28% compared to net profit of RMB4.16 billion in 2020.The company also reported figures for the three months from October to December, showing revenues of RMB7.61 billion ($1.19 billion), a decrease of 8.7% year-on-year.
Quarterly net profits reduced by more than half to RMB536 million ($84 million), compared to RMB1.20 billion in the final quarter 2020.
It was the third quarter in a row in which profits declined. Despite the drop in profitability, the company said that it will seek a secondary listing of its shares on the Hong Kong Stock Exchange without raising additional capital.
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