Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China – Clothing Company Picks Fight With Shaolin Kung Fu Monastery
Trending in China: Medical Drama Salutes Pandemic Heroes but Stirs Sexism Debate
Trending in China – Can Universities Stop Students Wasting Food And Keep Them Happy?
Alibaba Unveils Delivery Robot to Meet ‘Last-Mile’ Demand
Alibaba Launches Palm-Sized Cloud Computer With ‘Almost Unlimited Computing Resources’
China’s National Science Academy Vows to Close Tech Gaps in 10 Years
Trump’s WeChat Ban May Face Temporary Halt by U.S. Judge
Tencent Clinches Deal to Show England’s Premier League in China
Alibaba Unveils ‘Digital Factory’ as Part of Its ‘New Manufacturing’ Strategy
Trending in China: Basketballer Jeremy Lin - Dream Chaser or Delusional? Netizens Divided as Star Leaves CBA for NBA
Trending in China – The Case of the ‘Missing’ iPhone12
Kuaishou Logs 500 Million Online Shopping Orders in August
U.S.-Listed Chinese Delivery Firm ZTO Express Plans to Raise Up to $1.6 Billion in Hong Kong Secondary Listing
Xiaomi Vice Chairman Promises Not Sell More Stock After Selling Over $1 Billion in Company Shares
Autohome Plans $1 Billion Hong Kong Second Listing
Video Streamer iQiyi Kicks Up Its Sports Game with FC Barcelona Tie-Up
Global First as Potential Nasal Spray Covid-19 Vaccine Proceeds to Clinical Trial Phase’s Fintech Unit Plans to Spend $230 Million to Get Second Payment License
Trending in China – A Fight Over Steamed Buns Causes Netizens to Ask Whether Traditional Brands Can Survive in the Modern Era
Loss Making Evergrande’s Electric Vehicle Subsidiary to Raise $516 Million from Investors Including Tencent
Investors Leave the Building After Tencent Music’s Poor Performance

By Zhao Runhua and Liu Shuangshuang / Aug 13, 2019 12:34 PM / Business & Tech

Photo: IC Photo

Photo: IC Photo

New York-listed Tencent Music Entertainment Group (TME) announced Monday its unaudited second-quarter financial report — and it wasn’t much of a hit.

The company’s total revenues increased by 31% year-on-year to 5.9 billion yuan ($859 million), but net profit rose to the tune of just 2.5% to 9.27 million yuan.

The figures hit an off-key note with investors as TME’s stock nosedived 8% in after-hours trading.

Social entertainment services and others, like online karaoke and livestreaming, were TME’s chart-topping sources of revenue, raking in 4.34 billion yuan and upstaging the company’s online music unit which took just 1.56 billion yuan.

And although TME said its 31 million paying users for online music services were a record high, the company’s total monthly active users grew at a languid 1.2% to 652 million. Monthly average revenue per paying user also dropped 1.1% to 8.6 yuan, the company said.

TME is one of the biggest players in China’s fast-growing music market, boasting the largest music library and the most copyrights.

But as any music nerd will tell you, the guy with the biggest vinyl collection is rarely the most engaging. TME, too, struggles to get users to pay to listen to its content.

Perhaps a big-name collaboration will help liven things up. TME’s parent company, Tencent Holdings, has spoken with global music giant Vivendi about buying up to 20% of Universal Music Group.

Contact reporter Zhao Runhua (

Share this article
Open WeChat and scan the QR code