China's leading music streaming platform, Tencent Music, sees revenues fall after new government regulations went into effect.
The quarterly report's bright spot was music subscriptions: Paying customers rose 31.7% to 80.2 million from the prior-year period, primarily due to content, services, promotions and"improvement in paying user loyalty," stated TME. Subscriptions now account for 13.3% of mobile monthly active users, up from 9.9% a year earlier.
Advertising revenues fell year over year"due to the impact from industry adjustments on splash ads and the COVID-19 pandemic in some major cities," the company stated. Especially popular in China, a splash ad is an all-encompassing form of advertising that appears on a screen for a few seconds after an app is launched.
TME's social entertainment business fell across most metrics from the first quarter of 2021: Revenue dropped 18.1% to RMB 6.6 billion and paying users declined 26.5% to 8.3 million. Social entertainment's ARPU increased 8.1% to RMB 161.8 . The company said it is improving the competitiveness of its social entertainment division through audio live streaming, virtual interactive product offerings and international expansion.
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