The revenue of, and number of users on, China’s largest online music entertainment platform Tencent Music has surged in 2020 so far.
Tencent Music Entertainment Group announced yesterday that the number of paying users on the platform surged by 51.9% to 47.1 million in Q2 2020. Already, in quarter 1, revenue had grown by 17.5% from the same period in 2019 to $981 million.
Revenue from online music increased by 42.2% year-on-year, and Tencent Music saw a rise of almost 65% in music subscription revenues and digital album sales in Q2.
Tencent Music also recently announced a long-term extension of its licensing agreement with Universal Music Group (UMG). The platform is owned by Tencent who also own WeChat, QQ, video games and many other tech and entertainment companies.
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