BEIJING: Chinese streaming firm Tencent Music Entertainment Group delivered its first earnings report as a public company, meeting market expectations but exposing soaring licence and content production costs which pulled its shares down 6 percent.
Tencent Music has been profitable at an operating level for the last two years, whereas Spotify only posted its first-ever quarterly operating profit in the fourth quarter. Tencent Music, controlled by Chinese technology giant Tencent Holdings Ltd and backed by Spotify, said quarterly revenue jumped 50.5 percent to 5.4 billion yuan , versus analysts' average estimate of 5.3 billion yuan.But fees for content and revenue sharing as well as in-house production costs jumped 63 percent, crimping its gross margin to 34 percent from 38.9 percent a year earlier.
There is a lot of growth potential given the paying ratio is still very low in comparison with international peers, he said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Entertainment Entertainment Latest News, Entertainment Entertainment Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tencent Music reports full-year 2018 profit of US$272.7 millionChina-based music streaming company Tencent Music Entertainment Group on Tuesday reported a profit of 1.83 billion yuan (US$272.7 million) for ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Miley Cyrus, Jay-Z, Chance The Rapper to headline Woodstock 50The iconic music festival turns half a century old this August.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Sex, lies and video: K-pop world rocked by sex scandalsSouth Korea police are due to question two K-pop stars on Thursday over allegations of sex tapes, secret chat about rape, and deals facilitated by prostitutes, in a sex scandal that has rocked South Korea's music world and hit entertainment stocks. The allegations against the boyish stars who epitomize
Source: YahooSG - 🏆 3. / 71 Read more »
Cops question K-pop stars in sex scandalsSEOUL: South Korean police questioned two K-pop stars yesterday as allegations of sex tapes, prostitutes and secret chat about rape rocked South Korea's music world and hit entertainment stocks. The allegations against the boyish stars, who epitomise an industry that has...
Source: thenewpaper - 🏆 7. / 63 Read more »
Commentary: BIGBANG’s Seungri’s sex scandal and the end of K-pop’s innocenceA series of high-profile sex scandals and other offences has rocked the South Korean music industry, but will the reckoning be enough to provoke ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Spotify files EU antitrust complaint against AppleSpotify has filed a complaint with EU antitrust regulators against Apple, saying the iPhone maker unfairly limits rivals to its own Apple Music ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Hip hop best bet for a cheese that will please: Swiss studyNine wheels of Emmental cheese weighing 10 kilos (22 pounds) each were placed in separate wooden crates last September to test the impact of music on flavor and aroma. The cheese was exposed 24 hours a day to A Tribe Called Quest's hip hop track 'We Got it From Here', Mozart's '
Source: YahooSG - 🏆 3. / 71 Read more »
Police seek arrest warrant in K-pop sex video scandalSouth Korean police Monday sought an arrest warrant for a K-pop star accused of filming and distributing illicit sex videos in a burgeoning scandal that has rocked the country's music industry. After opening an investigation, Seoul police said Monday an arrest warrant has been requested for Jung
Source: YahooSG - 🏆 3. / 71 Read more »
Tencent Music reports full-year 2018 profit of US$272.7 millionChina-based music streaming company Tencent Music Entertainment Group on Tuesday reported a profit of 1.83 billion yuan (US$272.7 million) for ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »