Tencent Music quarterly revenue falls as competition heats up
FILE PHOTO: The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration
:China's Tencent Music Entertainment Group posted a 15 per cent fall in quarterly revenue on Monday, hit by easing demand for its music streaming platform amid stiff competition.
Chinese regulators stripped Tencent Music of its exclusive contracts with big music labels in 2021, spurring competition from rivals such as Cloud Music and short video sharing platform Douyin.
Total revenue of the Tencent Holdings Ltd-controlled company fell to 6.64 billion yuan ($979.03 million) in the first quarter from 7.82 billion yuan a year earlier.
Net income attributable to equity holders of the company fell 34.2 per cent to 609 million yuan in the quarter ended March 31.
($1 = 6.7822 Chinese yuan renminbi)
