NAMNORIMAI
2021-03-23
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Tencent Music to start new record label in China with Warner Music
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The deal can help Tencent, which owns a stake in Universal Music Group, add more exclusive content.</p>\n<p>People looking for a variety of entertainment, while stuck at home during the COVID-19 pandemic, joined music streaming platforms such as Tencent and Spotify to drive away boredom. This helped Tencent Music's fourth quarter as it added more paying users.</p>\n<p>Revenue rose 14.3% to 8.34 billion yuan ($1.28 billion) in the quarter from a year earlier, beating estimates of 8.33 billion yuan. The sales were boosted by a 40.4% jump to 56 million paid subscribers in the company's online music service.</p>\n<p>Most of Tencent Music's users are in its music streaming unit, but the biggest revenue drivers are social entertainment services, including karaoke platforms, where users can live stream concerts and shows. 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