ByteDance Officially Launches Qishui Yinyue Streaming Service Beta in China - Digital Music News.
Glogou help you run marketing campaign on Kuwo.

2022-04-20

Last September, reports indicated that TikTok parent ByteDance was preparing to roll out its own music streaming service. Now, this platform, Qishui Yinyue, has officially launched in beta.

The mentioned rumblings of a ByteDance streaming app came to light as the Chinese government was cracking down on other music platforms, especially Tencent Music (NYSE: TME). Specifically, Beijing compelled Tencent Music (which operates QQ Music, Kugou Music, and Kuwo Music as well as the WeSing karaoke app) to axe its exclusive music deals. And at 2022’s beginning, all Chinese streaming services were prohibited from closing exclusive contracts.

Tencent Music Entertainment (TME) execs had previously acknowledged the subscribership advantages of these agreements, and the company’s stock has struggled since their cancellation – including touching an all-time low of $2.95 per share last month, down from over $30 per share in March of 2021. (TME is reportedly attempting to overcome regulatory hurdles for a secondary listing on Hong Kong’s stock market.)

Moreover, Tencent Music’s Q4 2021 revenue fell by 8.7 percent year over year, to $1.19 billion, with Tencent Music executive chairman Cussion Pang citing social entertainment’s “increasing competition and changing macro environment” as the downturn’s causes. Nevertheless, TME said that it had 76.2 million paid …

2022-04-19

Tencent Music Entertainment Group - ADR (NYSE: TME) has climbed $0.05 (1.11%) and sits at $4.63, as of 12:18:15 est on April 19.

The Company has decreased 9.07% over the last 5 days and shares lost 10.87% over the last 30 days.

Tencent Music Entertainment anticipates its next earnings on 2022-05-16.

For technical charts, analysis, and more on Tencent Music Entertainment visit the company profile.

TencentMusic Entertainment Group 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. TencentMusic'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. TencentMusic'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.

To get more information on Tencent Music Entertainment Group - ADR and to follow the company's latest updates, you can visit the company's profile page here: Tencent Music Entertainment Group - ADR's Profile. For more news on the financial markets be sure to visit Equities News. Also, don't forget to sign-up for the Daily Fix to receive the best stories …

2022-03-18

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