Tencent Music Entertainment Group Stock Price, News & Analysis

Tencent Music Entertainment Group (TME) announced the resignation of Mr. Tak-Wai Wong from its board of directors, effective September 28, 2020. Mr. Wong has been a board member since July 2016, and his departure is attributed to personal reasons, with no reported disagreements with the company. The board expressed gratitude for his contributions. Tencent Music remains the leading online music platform in China, operating popular music apps such as QQ Music and Kugou Music, aiming to enhance users' engagement with music through technology.

Tencent Music Entertainment Group (TME) announced its public offering of US$800 million in senior unsecured notes, comprising US$300 million of 1.375% notes due 2025 and US$500 million of 2.000% notes due 2030. The offering is expected to generate approximately US$792.4 million in net proceeds for general corporate purposes. The notes will be registered under the U.S. Securities Act and listed on the Hong Kong Stock Exchange. Several major financial institutions, including BofA Securities and J.P. Morgan, are involved as joint bookrunners.

Tencent Music Entertainment Group (TME) has announced a public offering of its senior unsecured notes, pending market conditions. The notes will be registered under the U.S. Securities Act of 1933 and are expected to be listed on the Hong Kong Stock Exchange. The proceeds will be utilized for general corporate purposes. Major financial institutions like BofA Securities and J.P. Morgan are acting as joint bookrunners for the offering. This announcement does not constitute an offer of securities for sale in the United States.

Tencent Music Entertainment (TME) has announced a strategic partnership with GMM Grammy, Thailand's largest international record and publishing company. This collaboration focuses on music content, aiming to create a richer entertainment experience for fans in Southeast Asia and beyond. Leveraging WeSing, TME's karaoke community, the partnership seeks to enhance user interaction and expand the music library. With GMM Grammy holding over 80% market share in Thailand, this alliance will also facilitate the promotion of Thai music within China and foster cultural exchange.

Tencent Music Entertainment Group (TME) has entered an exclusive partnership with Cooking Vinyl, a leading independent record company. This collaboration will see Cooking Vinyl's music featured across TME's platforms, including QQ Music and Kugou Music. TME aims to support Cooking Vinyl in digitalizing music copyright and enhancing the presence of indie music in China. With over 800 million monthly active users, TME plans to leverage its vast ecosystem to promote and distribute Cooking Vinyl's diverse musical offerings, tapping into the growing interest in indie music in the Chinese market.

Tencent Music Entertainment (TME) has partnered with Kobalt Music Group to license and distribute Kobalt's publishing and AWAL recording catalogs on TME's streaming platforms. This strategic cooperation aims to enhance TME's presence in live music events, online streaming, and other music-related fields globally. Kobalt represents over 25,000 songwriters and 20,000 independent artists, including renowned musicians. The collaboration seeks to drive digital transformation in music, providing users with diverse content and innovative solutions for artists, while fostering growth in the global music industry.

Tencent Music Entertainment Group (TME) reported its unaudited financial results for Q2 2020, showcasing robust growth. Online music paying users surged by 51.9% year-over-year to 47.1 million, while total revenues rose by 17.5% to RMB6.93 billion (US$981 million). Online music subscription revenues soared by 64.7% to RMB1.31 billion (US$186 million). Net profit attributable to equity holders was RMB939 million (US$133 million), up from RMB927 million in Q2 2019. The company emphasizes its leadership in China's online music market, with significant investments in indie music and innovative online events.

Tencent Music Entertainment Group (TME) has extended its licensing agreement with Universal Music Group (UMG) for several years. This deal includes the creation of a new joint venture music label aimed at developing domestic Chinese artists. TME will continue distributing UMG's music across its platforms, including QQ Music and WeSing, enhancing their offerings in the rapidly growing Chinese music market. Both companies aim to foster a sustainable music ecosystem, benefiting artists and engaging a large audience of music fans in China.

Tencent Music Entertainment Group (TME) celebrates the third anniversary of its Tencent Musician program, which has generated 590 million yuan for indie musicians. Launched during the COVID-19 pandemic, TME organized 50 live-streamed concerts reaching nearly 8 million viewers. The One Hundred Million Yuan Incentive Project has helped over 40% of participating musicians double their incomes. TME supports artists through traffic generation via its 800 million monthly active users, income support initiatives, and industry seminars, fostering a comprehensive music ecosystem.