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Tencent Music’s Annual Revenues Fall 9.3% on Shrinking Social Business

Summary by Ground News
Tencent Music Entertainment Group (TME) reported a 9.3% decline in the company's annual revenues last year. TME owns streaming platforms QQ Music, Kugou and Kuwo, plus karaoke app WeSing. Revenues from its social entertainment services and others fell 19.8% in 2022 to RMB 15.86 billion.

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Tencent Music’s Annual Revenues Fall 9.3% on Shrinking Social Business

Tencent Music Entertainment says growing music subscriptions couldn't offset 20% decline in social entertainment services business.

·United States
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Billboard broke the news in United States on Tuesday, March 21, 2023.
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