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Tencent Music’s earnings meet expectations, but costs hit discordant note

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Tencent Music has been profitable at an operating level for the past two years, whereas Spotify only posted its first quarterly operating profit in its history in the fourth quarter

Tencent Music Entertainment celebrates the company’s initial public offering on the floor of the New York Stock Exchange in New York, the US, in December 2018. Picture: REUTERS/BRYAN R SMITH

Unlike western peers such as Spotify Technology, Tencent Music generates only a fraction of revenue from music subscription packages, and instead relies heavily on services popular in China such as online karaoke and live streaming. Tencent Music, controlled by Chinese technology giant Tencent Holdings and backed by Spotify, said quarterly revenue jumped 50.5% to 5.4-billion yuan, versus analysts' average estimate of 5.3-billion yuan.

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