China’s Tencent Music Entertainment is to adjust its business model after being hit with regulatory penalties and seeing its share tumble to record lows. It will downplay music streaming and contro…
is to adjust its business model after being hit with regulatory penalties and seeing its share tumble to record lows. It will downplay music streaming and control of exclusive content and instead emphasize related services such as karaoke and social entertainment.
“We would like to reiterate that TME sincerely accepts the decision issued in July by the regulator pertaining to exclusive music licensing arrangements. We are committed to fully complying with all requirements in a timely manner,” said Cussion Pang, executive chairman. He also warned that compliance will have “some impact to our business operations.” These were not quantified.
Regulators have also seemed to discourage Chinese firms from listing overseas, part of a wider move that would bring companies further into Chinese regulatory orbit and simultaneously make them less dependent on foreign capital. “With respect to content, we will continue to broaden partnerships with music labels, and work with artists and content partners to develop more differentiated content while further strengthening our self-production capability. We also made strategic upgrades to the business model of TME Live, integrating online concerts with offline events to offer differentiated services and solutions for artists ranging from notable superstars to up-and-coming and indie musicians,” Pang said.
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