Profits at Tencent Music Entertainment, China’s largest online music group, dropped in a year of regulatory turmoil and market evolution. Revenues at the company managed a 7% year on year increase,…
Revenues at the company managed a 7% year on year increase, reaching RMB31.2 billion from RMB29.15 billion in the same period of 2020, the company said in a filing on Tuesday. Net profit attributable to equity holders in 2021 was RMB3.03 billion , down 28% compared to net profit of RMB4.16 billion in 2020.
Despite the drop in profitability, the company said that it will seek a secondary listing of its shares on the Hong Kong Stock Exchange without raising additional capital. The company is controlled by Chinese tech giant Tencent, but currently has its shares listed in ADR form on the New York Stock Exchange.
Tencent Music was hit mid-2021 by Chinese regulators who stripped the company of its exclusive supply contracts with big music labels and ended its ability to gouge sub-licensees. The financial data published in the filing appear to suggest that the opposite is occurring. Revenues from music subscriptions were up 32% to RMB7.33 billion , compared to RMB5.56 billion for the full year of 2020. It enjoyed a 39% increase in the number of paying users, but these generated a lower revenue per user of RMB8.9 per year .
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