Illustration by Brian Stauffer
BEIJING — Chinese competition regulators are considering a crackdown on Tencent Music Entertainment to bring the streaming giant down to size, but the company may already be losing its edge in the country’s rapidly developing music market. If regulators act, TME could essentially be penalized for dominating the industry, despite the key role it played in shifting China’s music business away from piracy and into licensed streaming. Over the past five years, China’s recorded-music business has grown at an unparalleled pace: up 278% from $209.4 million in 2016 to $791.9 million in 2020, according to IFPI, with streaming accounting for 90.5% of last year’s revenue.
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