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Florence Lo - 2 Josh Ye - 2 HONG KONG - 1 Analysys - 1 Ivan Su - 1 Huya - 1 Charlie Chai - 1 Tencent - 1
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Entertainment - 2 REUTERS - 2 HK - 2 Thomson - 2 QQ - 1 Tencent - 1 Morningstar - 1 Cloud - 1

Search resuls for: "Cloud Music"


3 mentions found


☆ China online platforms scrap lucky draw features amid gambling crackdown
  + stars: | 2023-08-25 | by ( Josh Ye | ) www.reuters.com   time to read: +4 min
Analysts say online content platforms pulled the plug on features such as virtual lucky draws after the government in June started cracking down on live streaming, as part of a wider clampdown on online gambling. While the platforms say they ban gambling, analysts say the extremely popular lucky draws are often manipulated by live streamers colluding with viewers to share the prize. None of these companies mentioned the gambling crackdown when they reported their earnings, and they did not respond to request for further comment. However, the co-founder of a popular live streaming platform in Guangzhou, who declined to be named citing the sensitivity of the topic, told Reuters that several popular live streaming and live chat apps had to suspend services after police probes. Online gambling remains a concern, with the authorities saying in 2020 that the cross-border flow of funds for gambling posed a national security risk.
Persons: Florence Lo, HONG KONG, Analysys, Ivan Su, Huya, Charlie Chai, Tencent, Chai, Josh Ye, Farah, Brenda Goh Organizations: Entertainment, QQ, REUTERS, Tencent, HK, Morningstar, Cloud, NetEase, Reuters, Thomson Locations: HONG, Guangzhou, Beijing
☆ Tencent Music's quarterly revenue rises as more Chinese users pay for music
  + stars: | 2023-08-15 | by ( Josh Ye Samrhitha A | Josh Ye | Samrhitha A | ) www.reuters.com   time to read: +2 min
The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File PhotoAug 15 (Reuters) - China's Tencent Music Entertainment Group (1698.HK), said on Tuesday second-quarter revenue rose 5.5% from a year ago, driven by growth in paying users on its Spotify-like music streaming platform and a recovery in the advertising market. The number of paying users of its online music streaming service rose more than 20% to 100 million, a milestone for the company. Net profit attributable to equity holders rose to 1.30 billion yuan from 856 million yuan a year earlier. To attract more users and stave off competition from the likes of NetEase-owned Cloud Music and ByteDance's short-video sharing platform Douyin, Tencent Music has been aggressively adding original content in recent quarters.
Persons: Florence Lo, Cussion Pang, Pang, Josh Ye, Samrhitha, Maju Samuel, Tomasz Janowski Organizations: Entertainment, REUTERS, HK, Spotify, Tencent Holdings, Wall, Cloud Music, Thomson Locations: Hong Kong, Bengaluru
☆ China's Tencent Music revenue beats estimates on jump in paying users
  + stars: | 2023-05-16 | by ( ) www.reuters.com   time to read: +2 min
May 16 (Reuters) - China's Tencent Music Entertainment Group (1698.HK), topped quarterly revenue estimates on Tuesday as the Spotify-like music streaming platform benefited from growth in paying users, sending its U.S. shares 2% higher in premarket trading. That helped the Tencent Holdings Ltd-controlled company, which owns platforms including QQ Music, Kuwo Music and WeSing, snap five consecutive quarters of revenue declines. Total revenue rose 5.4% to 7.00 billion yuan ($1.01 billion) in the first quarter, beating analysts' estimates of 6.86 billion yuan, according to Refinitiv data. "We are glad to achieve a record-high online music paying ratio and expand ARPU for the fourth consecutive quarter. Net profit attributable to equity holders was 1.15 billion yuan, compared with 609 million yuan a year earlier.
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