Tencent Music Entertainment 4Q Profits Rise; Forms Music Label With Warner Music
March 22 2021 - 05:20PM
Dow Jones News
By Adriano Marchese
Tencent Music Entertainment Group on Monday reported a rise in
fourth-quarter profit, benefiting from a sharp increase in the
number of paying users of its online music in the period, and said
it has launched a new joint venture with Warner Music Group
Corp.
The Chinese online music entertainment platform said net income
was 1.2 billion Chinese yuan ($184.4 million), compared with
CNY1.04 billion a year ago.
On a per-share basis, earnings were CNY0.36, compared with
CNY0.31 in 2019.
Sales rose 14% to CNY8.34 billion, the company said, benefiting
from a 40% increase to 56 million online music paying users
year-on-year.
Tencent said that it has agreed to launch a new joint venture
record label with Warner Music. The JV is expected to leverage
Warner Music's resources and experience in supporting artist
careers coupled with Tencent's influence in mainland China's music
and entertainment markets.
As well as the JV with Warner Music, Tencent said that it has
expanded its existing multi-year strategic licensing agreement
under which it will continue to make Warner Music's repertoire
available across all its online music platforms.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 22, 2021 17:05 ET (21:05 GMT)
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