Tencent Music

Tencent Music Entertainment Group
Formerly	China Music Corporation
Company type	Public
Traded as	NYSE: TME (ADS); SEHK: 1698
ISIN	US88034P1093
Predecessor	China Music Corporation; Tencent's QQ Music division
Founded	July 2016; 8 years ago
Headquarters	Shenzhen, Guangdong, China
Products	QQ Music, Kugou, Kuwo, WeSing, Ultimate Music
Revenue	CN¥31.24 billion (2021)
Owners	Tencent (57% with 61.6% Shareholders Voting Right); Pacific Alliance Group (9.1% with 11% Shareholders Voting Right); Spotify (16.47%); CICFH entities (6.1% and 7.4% Shareholders Voting Right); Zhenyu Xie (4% and 4.9% Shareholders Voting Right); Dhanin Chearavanont( 4% and 4.7% Shareholders Voting Right);
Number of employees	5,966 (December 2021)
Parent	Tencent Interactive Entertainment Group
Website	www.tencentmusic.com

Tencent Music Entertainment Group (TME; Chinese: 腾讯音乐娱乐集团) is a company that develops music streaming services for the Chinese market. Tencent Music's apps include QQ Music, KuGou, Kuwo, and WeSing; which have more than 800 million active users and 120 million paying subscribers.^[2]^[3]^[4] As of July 2016, Tencent Music's three services held an estimated 56% market share of music streaming services in China.^[5]

In the first quarter of 2021, Tencent Music announced it had 60.9 million paying users, up 42.6% compared to the 42.7 million paying users in the first quarter of 2020. In addition, the total number of music streaming users was announced to be 615 million, a drop of 6.4% compared to the first quarter of 2020 (657 million).^[6]

^ ^a ^b "Tencent Music 2021 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 26 April 2022. p. 151.
^ "Tencent Music drowns out Spotify and Apple". Bloomberg News. Archived from the original on 2018-08-08. Retrieved 2018-08-07.
^ "Revealed: Billboard's 2017 Digital Power Players, Guiding the Future in Music and Tech". Billboard. Archived from the original on 2018-06-14. Retrieved 2018-08-07.
^ Lee, Pearl (27 June 2017). "Why China's music streaming is leading the world". Tech in Asia. Archived from the original on 13 June 2018. Retrieved 7 August 2018.
^ Soo, Zen (15 July 2016). "Tencent to merge QQ Music service with China Music Corp to create streaming giant". South China Morning Post. Archived from the original on 8 August 2018. Retrieved 8 August 2018.
^ "Tencent Music Entertainment Group Announces First Quarter 2021 Unaudited Financial Results". Tencent Music - Press Releases. Retrieved 2021-06-14.

[AR-1] "Tencent Music 2021 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 26 April 2022. p. 151.

[2] "Tencent Music drowns out Spotify and Apple". Bloomberg News. Archived from the original on 2018-08-08. Retrieved 2018-08-07.

[3] "Revealed: Billboard's 2017 Digital Power Players, Guiding the Future in Music and Tech". Billboard. Archived from the original on 2018-06-14. Retrieved 2018-08-07.

[4] Lee, Pearl (27 June 2017). "Why China's music streaming is leading the world". Tech in Asia. Archived from the original on 13 June 2018. Retrieved 7 August 2018.

[5] Soo, Zen (15 July 2016). "Tencent to merge QQ Music service with China Music Corp to create streaming giant". South China Morning Post. Archived from the original on 8 August 2018. Retrieved 8 August 2018.

[6] "Tencent Music Entertainment Group Announces First Quarter 2021 Unaudited Financial Results". Tencent Music - Press Releases. Retrieved 2021-06-14.

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