SHENZHEN, China, April 23, 2021 /PRNewswire/ --Tencent Music
Entertainment Group ("Tencent Music,"
"TME," or the "Company") (NYSE: TME), the leading online music and
audio entertainment platform in China, held a press conference in Beijing on April
23, where it shared first-year highlights and new strategies
for its long-form audio business, following the successful
acquisition of Lazy Audio in March, 2021. At the conference, the
Company announced the launch of Lazy Changting ("Lanren
Changting"), a new brand formed by the integration of Lazy Audio
and Kuwo Changting. This brand launch marks an important step for
TME as it amalgamates key resources to unlock significant value
from TME's content ecosystem.
Leveraging the Company's massive music user base, TME has built
a unique, two-pronged long-form audio strategy from the ground up
to tap into the fast growing but fragmented long-form audio market.
It integrated long-form audio tabs and content sections on QQ
Music, Kugou Music and Kuwo Music, and also launched a standalone
platform Kuwo Changting, which now has been integrated with Lazy
Audio and rebranded as Lanren Changting, to pioneer well-rounded
visual and audio experience through comics, surround sound and
bullet chats, and to ultimately result in the evolution of a purely
listening experience to a more immersive and interactive one that
offers multi-dimensional enjoyment for users.
Within just a year, as of the end of 2020, the number of TME
long-form audio users has reached over 100 million, up more than
230% year-over-year and significantly surpassing the average growth
rate for the industry. The Company has quickly built up an
extensive long-form content library covering a broad range of
categories including audiobooks, audio drama, Chinese comedy,
history, relationships, parenting, among other types of audio
program. Notable IPs such as Sword Snow Stride, Day and Night and
The Graver Robbers' Chronicles have all witnessed overwhelming
user endorsement. In addition, to promote Chinese heritage and
traditional culture, TME jointly produces an audio program with the
Forbidden City Academy of the Palace Museum, attracting over a
dozen renowned academic experts and artists. Finally, TME is also
leveraging its relationship with movie stars, singers and other
celebrities to create talk shows hosted by these personalities,
which enrich the long-form audio content on the platform as well as
provide a strong avenue of promotion for both the artists and
TME.
"We are pleased to achieve the first milestone of 100 million
long-form audio MAUs and are excited to expedite our evolution into
a leading all-in-one music and audio entertainment platform in
China. The launch of Lanren
Changting as part of our two-pronged strategy, and our enriched PGC
and UGC content perfectly illustrate our commitment to investment
in long-form audio amid our growing ambition in this market," said
Mr. Cussion Kar Shun Pang, TME's Executive Chairman. "In addition
to membership and pay per title, our recent foray into ad-based
monetization gives our users free access to a vast amount of
premium audio content while also enabling content creators to
swiftly build a fan base for their artistic expression and monetize
their work. As we adopt an entrepreneurial approach to unlock the
long-term value of our music and audio content, we believe we are
well-positioned to grow our long-form audio user base, establish a
thriving and engaging audio ecosystem, and emerge as a key player
in China's fast-growing long-form
audio market."
About Tencent Music
Entertainment
Tencent Music Entertainment Group
(NYSE: TME) is the leading online music and audio 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 audio, 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.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
does not undertake any duty to update such information, except as
required under applicable law.
Investor Relations Contact
Tencent Music Entertainment
Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 883606
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SOURCE Tencent Music Entertainment
Group