- Thanks to a strategy based on recovering the publicity lost in the pandemic, Tencent Music returned to the path of growth.
- It also improves your user base of paid plans.
- The new goal: more live concerts.
The music streaming industry is one of the fastest growing among those linked to technology.
As a “little sister” of video streaming, this industry has not stopped growing at the hands of three major global players: Spotify, Tencent Music and Apple Music.
Each with its market and its respective marketing strategy, these companies seek to stay ahead of their high-profile rivals and try to avoid the growth of smaller ones, such as Amazon Music and Deezer.
Spotify is undoubtedly the world’s leading music streaming platform. Focused in recent months on the podcast generation, the company had earlier launched a new feature called “Spotify HiFi”, through which it offers high-quality audio to its premium subscribers.
To grow in the podcast universe, Spotify bought companies like Anchor and Gimlet Media, among others.
Just as Spotify dominates the West, the biggest player in the East is Tencent Music. The Chinese company has been investing in other emerging markets in the region, such as India and Southeast Asia.in addition to focusing its strategy on hiring popular artists from the East to attract more users.
Apple Music, for its part, focuses its strategy on taking advantage of the huge user base that uses its iPhone devices.
True to its habit of keeping its users captive in its ecosystem, the company launches plans and promotions combining its music streaming service with other benefits such as Apple TV + and iCloud storage.
Tencent Music puts up a fight in the music streaming industry
The novelty in this market arrives this Tuesday, March 21 at the hands of the latest Tencent Music quarterly resultswhich unexpectedly reported higher-than-expected profits.
Indeed, Tencent Music Entertainment Group it beat analysts’ previous estimates thanks to strong growth in paid users and a recovery in advertising on the platform.
Spotify’s Chinese equivalent supported its growth strategy with a series of music licensing deals and offering live shows on its platform.
Full report of Tencent Music results Q4 2022.
The overall revenue of the company, which is controlled by Chinese tech giant Tencent Holdings, stood at 7.44 billion yuan (about 1.09 billion dollars) in the fourth quarter of 2022.
Net profit, meanwhile, increased by 115 percent in relation to the previous year.
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