Tencent Music’s Profit Cut in Half Amid Crackdown on Monopolies, Tax Evasion

What’s new: Tencent Music Entertainment Group (TME), the operator of China’s largest online music platform, has reported a year-on-year drop in profit and revenue as the authorities toughened oversight on monopolies and entertainers evading tax.

Quarterly net profit attributable to shareholders plunged 55.3% from the same period in 2020 to 536 million yuan ($84 million) in the fourth quarter, a deeper contraction than the 34.5% drop recorded in the third quarter, according to Monday’s financial statement.