Even before China’s latest Covid-19 lockdowns paralysed economic activity in major cities, Tencent Music had flagged shrinking sales for 2022. Regulatory scrutiny on antitrust and unfair market practices have empowered rival music and video apps from NetEase and TikTok-owner ByteDance, costing the company listeners last year.
Moreover, Beijing is clamping down on the live-streaming sector. Minors will soon be banned from spending money on these apps while those under 16 will not be allowed to perform; tax authorities are targeting how much online celebrities make too. With competition showing no signs of abating and already-weak domestic spending unlikely to rebound soon, Tencent Music's cash-cow business is looking out of tune. Its New York-listed stock has shed 85% of its value from a March 2021 peak.The company's pain will be shared by technology peers, particularly its parent.
More pleasing to the ear for Tencent and its music arm’s shareholders is the latter's focus on profitability over growth. The company has been scaling back on marketing and promotions to attract users while doubling down on its more stable Spotify-like subscription business, where quarterly sales grew a promising 18%. That should hit the right notes in what will be a tough year ahead.
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