Tencent Music Entertainment Group Stock Price, News & Analysis

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.

Tencent Music Entertainment Group (TME) is set to release its unaudited financial results for Q3 2020 on November 10, 2020, after U.S. market close. This announcement follows the company's ongoing efforts to enhance its online music platform in China. A conference call will be held on the same day at 8:00 P.M. ET to discuss the results, providing investors with insights into the company’s performance. The call will also be accessible via their investor relations website.

Tencent Music Entertainment Group (TME), China's leading online music platform, has announced its annual general meeting (AGM) to be held on November 18, 2020, at the Hong Kong Club Building. No proposals will be voted on; instead, the AGM will serve as a forum for shareholders to discuss company affairs with management. The record date for shareholders entitled to attend is October 9, 2020. Shareholders can access TME's 2019 annual report on their website. The meeting is an opportunity for shareholders to engage directly with the company.

Tencent Music Entertainment Group (TME) has launched 'Root Music,' a collection of Chinese folk music in local dialects, following a competition that attracted 3,000 submissions and 350,000 fans' votes from July 2 to September 22, 2020. The top 12 songs are now available on TME's platforms, enhancing the platform's commitment to indie musicians. Since its inception, the Tencent Musician program has generated 590 million yuan in revenue for creators, with over 40% of participating musicians doubling their income.

Tencent Music Entertainment Group (TME) hosted an online concert, "Learn to Love Yourself," on September 9, 2020, as part of Tencent's 99 Giving Day charity initiative. The event featured the Rainbow Chamber Singers and raised awareness for charitable giving. TME's charity program, established in 2018, focuses on public welfare through music. The concert highlighted the message of self-love and acceptance for autistic children, showcasing their talents and potential. TME aims to connect artists with audiences and promote the healing power of music through its live performance brand, TME live.