Tencent Music Reports $1.15B Q1 Revenue, Doubles-Down on Concerts, Merch, Membership

“We are transitioning to a membership based model that goes beyond content subscriptions to deliver more immersive music experiences.” NEW YORK, NEW YORK – DECEMBER 12: Cussion Kar Shun Pang, CEO of Tencent Music Entertainment, (center) rings the opening bell of the New York Stock Exchange (NYSE) as the Chinese music-streaming service launches its IPO on December 12, 2018 in New York City. Tencent Music priced its IPO shares late Tuesday at $13 per American depository share. (Photo by Spencer Platt/Getty Images) Getty Images Trending on Billboard Tencent Music Entertainment (TME) reported double-digit quarterly revenue growth as the leading Chinese digital music platform rolled out plans to expand its subscriber and free offerings beyond streaming into live experiences, fan communities and merchandise. TME reported total revenues for the first quarter rose 7.3% to RMB7.90 billion (US$1.15 billion), driven by 12% growth in the company’s music related services division, formerly called online music, which topped RMB6.51 billion (US$944 million). Revenue from membership services, which includes the company’s SVIP offering, rose 6.6% to RMB4.57 billion (US$662 million), and non-membership music related services revenues rose 28% to RMB1.94 billion (US$282 million) compared to a year ago as TME’s offline concert business achieved another
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