Tencent Music Entertainment Group Stock Price, News & Analysis

Tencent Music Entertainment Group (TME) has announced significant leadership changes, appointing Cussion Kar Shun Pang as Executive Chairman and Zhu Liang (Ross Liang) as the new CEO effective April 15, 2021. Ross, previously Vice President at Tencent Holdings, will oversee TME’s various music platforms. Dowson Tong Sang, former Chairman, will resign after five years, credited with TME's growth and strategic mergers. Both new leaders aim to enhance TME's online music presence and capitalize on growth opportunities in the sector.

Tencent Music Entertainment Group (TME) filed its annual report on Form 20-F with the SEC on April 9, 2021, detailing its audited financial statements for the fiscal year ended December 31, 2020. This report underlines TME's commitment to transparency, allowing stakeholders to access vital financial data via its investor relations site. Shareholders can request a free hard copy of the report. TME is recognized as China's leading online music platform, providing popular music apps such as QQ Music and Kugou Music, fulfilling its mission to elevate music's role in everyday life.

Tencent Music Entertainment Group (TME) has authorized a $1 billion share repurchase program to buy back its Class A ordinary shares through American depositary shares over a twelve-month period starting March 29, 2021. This initiative signifies the Board's confidence in TME's business outlook and long-term strategy. The repurchases will be conducted at prevailing market prices, and funds will be sourced from the company's existing cash balance.

Tencent Music Entertainment Group (TME) reported its fourth quarter and full-year 2020 financial results, demonstrating strong performance amidst the pandemic. For Q4, total revenues reached RMB8.34 billion (US$1.28 billion), a 14.3% YoY increase, with online music service revenues climbing by 29.0% to RMB2.76 billion (US$423 million). Net profit for the quarter was RMB1.20 billion (US$183 million), reflecting a YoY growth of 15.4%. For the full year, revenues increased 14.6% to RMB29.15 billion (US$4.47 billion). Key highlights include a 40.4% rise in online music paying users, totaling 56 million, and significant advertising revenue growth over 100% YoY.

Tencent Music Entertainment Group (TME) and Warner Music have expanded their strategic licensing agreement, continuing a partnership that began over a decade ago. This renewed deal allows TME to feature Warner Music's catalog across its platforms in mainland China, including QQ Music and WeSing. Additionally, they plan to launch a new joint venture record label to leverage both companies' strengths in artist development. TME aims to enhance music experiences and improve distribution through this collaboration, highlighting its influence in China's growing music market.

Tencent Music Entertainment Group (TME) will release its unaudited financial results for Q4 and full year 2020 on March 22, 2021, after the U.S. market closes. A conference call will follow at 8:00 PM ET, with details available on the company's investor relations site. Tencent Music, China's leading online music platform, operates popular apps like QQ Music and Kugou Music, aiming to enhance music enjoyment through technology. Investors can access the call via several toll-free numbers or online.

Tencent Music Entertainment Group (TME) is advancing in the long-form audio market in China, a growth area that includes podcasts and audiobooks. Launched in December 2019, the 'Ten Billion Sound Makers' campaign aims to enhance user-generated content on Kuwo Music, incentivizing creators with awards up to RMB100,000. TME has also expanded its long-form audio offerings across platforms, including QQ Music and Kugou Music, and recently acquired Lazy Audio to enrich its content library. By Q3 2020, long-form audio user penetration reached 11.7%, signaling substantial growth.

Tencent Music Entertainment Group (TME) has completed the acquisition of an additional 10% equity stake in Universal Music Group (UMG) through a consortium led by Tencent Holdings. This acquisition boosts the consortium's total ownership in UMG to 20%, maintaining TME's 10% stake in the consortium. The transaction valued UMG at EUR30 billion, the same as the initial acquisition in March 2020. TME aims to leverage UMG's vast content library alongside its extensive user base to enhance engagement and collaboration in the music industry.

Tencent Music Entertainment Group (TME), the leading online music platform in China, successfully held its second annual Tencent Music Entertainment Awards (TMEA) on January 23, 2021, at The Venetian Macao. The event was livestreamed and attracted 18.5 billion cumulative page views. This year's TMEA celebrated 57 awards to artists, including notable winners like BLACKPINK and Taylor Swift. TME enhanced audience engagement through innovative tech and plans to expand the use of a custom live streaming surround sound system. The TMEA continues to influence music trends in China and supports the growth of the digital music industry.