SHENZHEN, China, Feb. 8, 2021 /PRNewswire/ — Tencent Music Leisure Group (“Tencent Music,” “TME,” or the “Firm”) (NYSE: TME), the main on-line music leisure platform in China, has made important progress within the long-form audio market in China. As a part of a broader technique to construct synergies inside its music leisure ecosystem, long-form audio will proceed to be a key focus of TME’s strategic progress plan.
Lengthy-form audio consists of podcasts, audiobooks, Chinese language comedy, audio drama, discuss reveals, amongst different varieties of audio applications. As a comparatively new space with low market penetration, long-form audio has important potential for progress in China.
TME made its preliminary foray into the long-form audio trade in December 2019 when it launched the “Ten Billion Sound Makers” marketing campaign on Kuwo Music. As a part of the marketing campaign, TME invested important monetary assets to extend the amount and high quality of user-generated content material (UGC) on the Kuwo Music platform, together with providing awards as much as RMB100,000 to incentivize creators to contribute long-form audio content material.
To cater to the varied calls for of customers and to create synergies between its music and audio companies, in April 2020, TME formally introduced its long-form audio technique, together with the launch of long-form audio tabs and content material sections on QQ Music, Kugou Music and Kuwo Music, in addition to a standalone platform Kuwo Changting. The transfer marked a brand new stage within the Firm’s strategic growth of long-form content material and improvement of an audio leisure ecosystem. In the identical month, Kugou Music launched Kugou Radio by collaboration with standard fiction authors, drama producers to convey high-quality audiobooks, kids’s channels, sleep-aid applications, and different audio content material to customers. In December 2020, TME’s QQ Music introduced an in-depth collaboration with the main podcasting app Xiaoyuzhou to launch a podcast part on the platform, bringing skilled podcasting content material to customers.
In January 2021, TME introduced the acquisition of Shenzhen Lanren On-line Expertise Co, Ltd (“Lazy Audio”, “Lanren tingshu”), a well-established audio platform in China. Lazy Audio’s strategy to audio dovetails seamlessly with TME’s long-form audio technique by enriching TME’s content material library with its complete catalog and considerably boosts TME’s manufacturing of audiobooks with its recording capability, whereas TME brings a wealth of trade experience, cutting-edge expertise and powerful promotional capabilities to bolster Lazy Audio’s progress.
Tencent Music’s investments within the long-form audio house have already began to ship concrete outcomes. Within the third quarter of 2020, TME expanded its long-form audio content material exponentially, quadrupling the variety of licensed titles on its platforms year-over-year. This robust progress in content material has pushed a sequential improve in common person time spent on its platforms. The variety of long-form audio customers on TME platforms additionally continued to develop, with long-form audio penetration of month-to-month lively customers (MAU) reaching 11.7% within the third quarter of 2020, in contrast with 4.7% in the identical interval in 2019.
TME will proceed leveraging the huge person base throughout its platforms, synergies between on-line music and social leisure, and the robust assist of TME companions, to concentrate on the strategic improvement of long-form audio services and products. Future endeavors on this house will vary from rising assist for UGC, to artistic content material launch and promotion. In its exploration of latest types and alternatives in audio leisure, TME stays firmly dedicated to offering customers with high-quality music leisure service experiences.
About Tencent Music Leisure
Tencent Music Leisure Group (NYSE: TME) is the main on-line music leisure platform in China, working the nation’s extremely standard and progressive music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music’s mission is to make use of expertise to raise the position of music in folks’s lives by enabling them to create, take pleasure in, share and work together with music. Tencent Music’s platform contains on-line music, on-line karaoke and music-centric reside streaming companies, enabling music followers to find, hear, sing, watch, carry out and socialize round music. For extra data, please go to ir.tencentmusic.com.
Edmond Lococo, ICR Inc.
SOURCE Tencent Music Leisure