Tencent’s Online Music Arm Reports Dip in Quarterly Profits

Tencent Music Entertainment Group (TME), the largest online music platform in China, reported an uptick in revenue but a fall in net profits in the second quarter, as executives played down the impact of a recent regulatory decision that forced them to relinquish exclusive music licensing rights.

New York-listed TME, which is a subsidiary of internet behemoth Tencent Holdings Ltd., reported 827 million yuan ($128 million) in net profit attributable to equity holders in the three months through June 30, compared with 939 million yuan in the same period last year, according to its latest earnings report released Monday.