Tencent Music

Tencent Music Entertainment Group
FormerlyChina Music Corporation
Company typePublic
NYSETME (ADS)
SEHK1698
ISINUS88034P1093 Edit this on Wikidata
PredecessorChina Music Corporation
Tencent's QQ Music division
FoundedJuly 2016; 8 years ago (2016-07)
HeadquartersShenzhen, Guangdong, China
ProductsQQ Music, Kugou, Kuwo, WeSing, Ultimate Music
RevenueIncrease CN¥31.24 billion (2021)[1]
Owners
Number of employees
5,966[1] (December 2021)
ParentTencent Interactive Entertainment Group
Websitewww.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]

  1. ^ a b "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.