Tencent Music Entertainment (TME) – Strong quarterly numbers show successful transformation into a diversified music ecosystem!
TME is successfully transforming from a streaming provider to an integrated music ecosystem with significantly increasing margins!
With 34.92 billion Yuan in cash and a 43.2% profit growth, TME is financially well-positioned for further expansion!
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As a leading music streaming platform in China, Tencent Music Entertainment impressively demonstrates with its Q2 figures how successfully the transformation from a pure streaming provider to a diversified music entertainment company is progressing. The revenue increase of 17.9% to CNY 8.44 billion ($1.18 billion) significantly exceeded analyst expectations. What's particularly pleasing is the profit explosion of 43.2% to CNY 2.41 billion, which shows that TME is successfully leveraging operational efficiency and scaling effects. The gross margin...
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