• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Tencent Music Reports Better-than-expected Second Quarter Revenue

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
August 16, 2022
in Uncategorised
Share on FacebookShare on Twitter

Tencent Music Entertainment reported better-than-expected revenue for the second quarter thanks to an increase in paying subscribers. The rise in paying subscribers can be attributed to the platform putting more effort into its original content which helped attract these users.

Tencent Music’s US shares were up 5.9 percent on the announcement that the company’s paying subscribers increased to 82.7 million in the second quarter. The company added that its subscription revenue was up 18 percent. Apart from the increase in paying subscribers and the push for original content, the company also benefitted from its partnership with Tencent Holdings to produce songs for popular game titles.

For the second quarter ended June 30th, the company reported revenue of 6.91 billion yuan, or $1.02 billion. This surpassed the 6.62 billion yuan that analysts had forecast for the second quarter, according to Refinitiv IBES data.

While on a call with analysts on Tuesday, the company’s Chief Strategy Officer Cheuk Tung Yip told analysts that the company will continue to ramp up efforts and build up its paywall to increase its revenue. “We expect more content partners will be added to the paywall in the second half,” he said. Non-paying members are not left out. The company has plans to cater to this category which generates about 10 percent of its advertising revenue, according to Cheuk Tung Yip.

Although it surpassed analysts’ forecast, the company’s revenue was down 13.8 percent from the same period a year ago. This decline is a result of increasing competition and an economic slowdown that has been taking a toll on businesses in China.

The company’s biggest revenue driver – its social entertainment business, saw its revenue drop 20 percent. Its karaoke app WeSing and live concert platform Kuwo Music fall in this category.

Tencent Music earned 0.63 yuan per American depository share (ADS) in the second quarter excluding items, beating the estimate of 0.56 yuan per ADS that was expected.

The company’s Chief Strategy Officer also mention that Tencent Music is making a moderate recovery from advertisers in the second half as the covid situations in big cities including Shanghai and Beijing have been brought under control, adding that its other segments are starting to participate in this recovery.

Related Posts:

  • Tencent Holdings Reports Disappointing First Quarter Earnings Results With No Growth In Revenue
    Tencent Holdings Reports Disappointing First Quarter…
  • Spotify's Second Quarter Results Surpasses Analysts'…
  • Spotify's Third-quarter Revenue Narrowly Surpasses Analysts' Estimates
    Spotify's Third-quarter Revenue Narrowly Surpasses…
  • pexels-photo-3
    Tencent Reports First-ever Revenue Drop, Takes A Hit…
  • spotify ui
    Spotify’s Premium Subscribers Increase To 188 Million In Q2
  • PicsArt_04-01-10.27.41
    Spotify Surpasses 500 Million Monthly Users For The…
  • Disney Misses Analysts' Estimates on Earnings and Revenue
    Disney Misses Analysts' Estimates on Earnings and Revenue
  • Spotify Reports Strong User Growth And Implements Premium Price Increase
    Spotify Reports Strong User Growth And Implements…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • AI Helps Google One Reach 150 Million Subscribers May 16, 2025
    • FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms May 16, 2025
    • MoonPay and Mastercard Partner to Advance Stablecoin Payments May 16, 2025
    • Google Gemini Advanced Users Can Now Link to GitHub May 16, 2025
    • TikTok Accused of Violating EU Internet Content Rules May 15, 2025
    • Activists and Users Criticize NCC & Telcos Over Customer Penalties May 15, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    AI Helps Google One Reach 150 Million Subscribers

    AI Helps Google One Reach 150 Million Subscribers

    May 16, 2025
    FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms

    FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms

    May 16, 2025
    MoonPay and Mastercard Partner to Advance Stablecoin Payments

    MoonPay and Mastercard Partner to Advance Stablecoin Payments

    May 16, 2025
    Google Gemini Advanced Users Can Now Link to GitHub

    Google Gemini Advanced Users Can Now Link to GitHub

    May 16, 2025
    TikTok Accused of Violating EU Internet Content Rules

    TikTok Accused of Violating EU Internet Content Rules

    May 15, 2025
    Activists and Users Criticize NCC & Telcos Over Customer Penalties

    Activists and Users Criticize NCC & Telcos Over Customer Penalties

    May 15, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok