Tencent Holding Ltd. is a multinational conglomerate that hosts the world’s largest video game company: Tencent. It also hosts Tencent Music Entertainment (TME), China’s largest music streaming service provider, including: QQ Music, Kuwo, and Kugou, with nearly 700 million users in China.
Tencent’s latest report shows steady growth in TME with a substantial body of users converting into paying users. Paying subscribers are now at 42.7 million and overall revenue growth is up 70% compared to the same time last year.
Consumer changes during lockdown has returned a noticeable increase in the number of people listening to music on TV, smart devices and other media devices. It is continuing to grow in the second quarter and is expected to increase even with people returning to work and having less free time.
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