According to Gate News bot, Bloomberg reported that since the end of 2023, the stock prices of Tencent Music Entertainment Group and its smaller competitor NetEase Cloud Music have risen more than double on the Hong Kong Stock Exchange, outperforming most of their Chinese internet peers. Meanwhile, both companies are shifting their focus towards monetizing their loyal user base while strengthening podcast and live event services.
Tencent Music has successfully attracted users to upgrade to more expensive plans, achieving continuous growth in revenue per paying user for four consecutive quarters. This is refreshing compared to the recent headlines about significant price drops in electric vehicles and e-commerce frequently causing fluctuations in Chinese tech stocks.
Morningstar analyst Ivan Su stated: “Music is becoming increasingly important in the lives of young people in China; you wouldn’t give up all your playlists just to save a couple of bucks and switch to another platform. The monthly subscription price—roughly equivalent to the cost of a cup of coffee—is very low.”
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