SHENZHEN, China, Feb. 8, 2021 /PRNewswire/ -- Tencent Music Entertainment Group ("Tencent Music," "TME," or the "Company") (NYSE:
TME), the leading online music entertainment platform in
China, has made significant
progress in the long-form audio market in China. As part of a broader strategy to build
synergies within its music entertainment ecosystem, long-form audio
will continue to be a key focus of TME's strategic growth plan.
Long-form audio includes podcasts, audiobooks, Chinese comedy,
audio drama, talk shows, among other types of audio programs. As a
relatively new area with low market penetration, long-form audio
has significant potential for growth in China.
TME made its initial foray into the long-form audio industry in
December 2019 when it launched the
"Ten Billion Sound Makers" campaign
on Kuwo Music. As part of the campaign, TME invested significant
financial resources to increase the quantity and quality of
user-generated content (UGC) on the Kuwo Music platform, including
offering awards up to RMB100,000 to
incentivize creators to contribute long-form audio content.
To cater to the diverse demands of users and to create synergies
between its music and audio services, in April 2020, TME formally announced its long-form
audio strategy, including the launch of long-form audio tabs and
content sections on QQ Music, Kugou Music and Kuwo Music, as well
as a standalone platform Kuwo Changting. The move marked a new
stage in the Company's strategic expansion of long-form content and
development of an audio entertainment ecosystem. In the same month,
Kugou Music launched Kugou Radio through collaboration with popular fiction authors,
drama producers to bring high-quality audiobooks, children's
channels, sleep-aid programs, and other audio content to users. In
December 2020, TME's QQ Music
announced an in-depth collaboration with the leading podcasting app
Xiaoyuzhou to launch a podcast section on the platform, bringing
professional podcasting content to users.
In January 2021, TME announced the
acquisition of Shenzhen Lanren Online Technology Co, Ltd ("Lazy
Audio", "Lanren tingshu"), a well-established audio platform in
China. Lazy Audio's approach to audio dovetails seamlessly
with TME's long-form audio strategy by enriching TME's content
library with its comprehensive catalog and significantly boosts TME's production of audiobooks with
its recording capacity, while TME brings a wealth of industry
expertise, cutting-edge technology and strong promotional
capabilities to bolster Lazy Audio's growth.
Tencent Music's investments in the
long-form audio space have already started to deliver concrete
results. In the third quarter of 2020, TME expanded its long-form
audio content exponentially, quadrupling the number of licensed
titles on its platforms year-over-year. This strong growth in
content has driven a sequential increase in average user time spent
on its platforms. The number of long-form audio users on TME
platforms also continued to grow, with long-form audio penetration
of monthly active users (MAU) reaching 11.7% in the third quarter
of 2020, compared with 4.7% in the same period in 2019.
TME will continue leveraging the massive user base across its
platforms, synergies between online music and social entertainment,
and the strong support of TME partners, to focus on the strategic
development of long-form audio products and services. Future
endeavors in this space will range from increasing support for UGC,
to creative content release and promotion. In its exploration of
new forms and opportunities in audio entertainment, TME remains
firmly committed to providing users with high-quality music
entertainment service experiences.
About Tencent Music
Entertainment
Tencent Music Entertainment Group
(NYSE: TME) is the leading online music entertainment platform in
China, operating the country's
highly popular and innovative music apps: QQ Music, Kugou Music,
Kuwo Music and WeSing. Tencent
Music's mission is to use technology to elevate the role of music
in people's lives by enabling them to create, enjoy, share and
interact with music. Tencent Music's
platform comprises online music, online karaoke and music-centric
live streaming services, enabling music fans to discover, listen,
sing, watch, perform and socialize around music. For more
information, please visit ir.tencentmusic.com.
Media Contact
Edmond Lococo, ICR Inc.
TME.PR@icrinc.com
+86 138-1079-1408
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SOURCE Tencent Music
Entertainment