Tencent Music Entertainment Group Stock Price, News & Analysis

Tencent Music Entertainment Group (NYSE: TME) has launched a collaborative music album titled Norwegian Special: Northern Lights, in partnership with the Royal Norwegian Embassy in Beijing. This album features reinterpretations of songs by renowned Norwegian musician Bjørn Eidsvåg, adapted by prominent Chinese artists, and aims to promote cultural dialogue between Norway and China. The collaboration emphasizes TME's role in enhancing international music exchanges and aims to introduce global music to Chinese audiences through its platforms, including QQ Music and Kugou Music.

Tencent Music Entertainment Group (TME) announced that a consortium, led by Tencent Holdings, has exercised its call option to acquire an additional 10% equity interest in Universal Music Group (UMG) from Vivendi, maintaining an enterprise value of EUR30 billion. This acquisition, expected to close in the first half of 2021, will raise the consortium's ownership in UMG to 20%, with TME holding a 10% stake in the consortium. The move aims to strengthen the partnership between TME and UMG, enhancing their collaboration in China's music market.

Tencent Music Entertainment (TME) has entered a strategic partnership and minority equity investment with Wave, a leader in interactive virtual entertainment, to enhance music experiences in China. This collaboration allows TME to broadcast Wave experiences across its platforms, including QQ Music and Kugou Music, and develop virtual concert content for TME Live. The initiative aims to integrate technology with music, boosting user engagement and creating new monetization models in China's music industry.

Tencent Music Entertainment Group (TME) will host an exclusive livestream concert featuring Billie Eilish on November 21, 2020. This special edition of WHERE DO WE GO? THE LIVESTREAM will allow Chinese fans to experience the performance for free through QQ Music, Kugou Music, Kuwo Music, and WeSing. The event utilizes advanced XR technology for an immersive experience and includes virtual interactions with selected fans. TME's livestreaming platform has been integral in delivering diverse musical content during the COVID-19 pandemic.

Tencent Music Entertainment Group (TME) reported strong third quarter results for 2020, with total revenues increasing by 16.4% year-over-year to RMB7.58 billion (US$1.12 billion). Online music paying users reached 51.7 million, a 46% increase from last year. Subscription revenues soared by 55%, totaling RMB1.46 billion (US$215 million). Net profit attributable to equity holders was RMB1.13 billion (US$167 million). Despite a 1.6% decline in gross margin, the company continues to enhance user experiences through product innovations and content diversification.

Tencent Music Entertainment Group (TME, NYSE: TME) and peermusic have formed an exclusive digital licensing agreement to distribute peermusic's catalog in China. This partnership allows TME users access to a diverse array of tracks from iconic artists such as Rihanna, Justin Bieber, and The Rolling Stones via TME's platforms, including QQ Music and Kugou Music. The collaboration aims to enhance TME's extensive global music offerings and represents a significant step in peermusic's growth strategy in the Chinese market, which has been a focus since establishing its office there in 2015.

Tencent Music Entertainment Group (TME, NYSE: TME) has renewed its multi-year licensing agreement with Merlin, the global digital rights agency for independent music. This renewal enhances their strategic partnership, allowing TME to integrate Merlin's extensive music catalog into its platforms like QQ Music and WeSing, enhancing users' music experience. TME aims to bring diverse global music content to its Chinese audience, while Merlin supports its members by improving their market reach. Both companies are poised to explore new opportunities in the digital music landscape.

Tencent Music Entertainment Group (TME) announced the appointment of Adrian Yau Kee Mak as an independent director on October 26, 2020. Mr. Mak, who has extensive experience in finance, will also serve on the Audit Committee. He has held significant roles, including CFO at Television Broadcasts Limited and previously at other firms. TME's Chairman expressed confidence in Mr. Mak's ability to enhance business strategy and compliance. This appointment is seen as a step towards strengthening the board with valuable insights from a seasoned finance leader.

Tencent Music Entertainment Group (TME, NYSE: TME) has launched the 'TME Art Project' in collaboration with WWF and Youcishan, featuring the exhibition 'All Creation: Encounter with Animals' at Beijing's UCCA Center for Contemporary Art. This project emphasizes the integration of music and visual arts, showcasing collaborations between notable musicians and artists. TME aims to foster creativity, promote social responsibility, and encourage the protection of nature through art appreciation. This initiative marks TME's first partnership with WWF, aiming for future collaborative efforts to raise awareness for wildlife conservation.