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Streaming Growth Helps Tencent Music Lift Profits by a Third in Second Quarter
Streaming growth helps Tencent Music Entertainment lift profits by a third in the second quarter, despite continuing reversals in social music.
This, the company explained, was primarily due to more diversified product portfolio and innovative ad formats, the introduction of ad-supported mode and sponsorship advertising. In contrast, the continued decrease in the social music side “was mainly the result of adjustments to live-streaming interactive functions, more stringent compliance procedures and increased competition from other platforms.” “This approach has been instrumental in the past as we effectively navigated across various development stages and changing external environments, and it will continue to fuel innovation and growth for the years to come.”
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