Tencent Music acquiring Ximalaya, shoring up its weak long-audio flank

Tencent Music scales audio heights with Ximalaya purchase

While short videos are all the rage lately, Tencent Music’s latest acquisition bolsters its position in the strategically important market for long-form audio content Key Takeaways: Tencent Music will pay…
Tencent Music is China’s leading online music services provider, formed by the merger of China Music Corp. and Tencent’s own digital music business in 2016.

FAST NEWS: Tencent Music’s profit climbs on paying user growth

The Latest: Tencent Music Entertainment Group (TME.US; 1698.HK) on Tuesday announced its second-quarter net profit rose 29.6% year-on-year to 1.68 billion yuan ($231 million). Looking Up: The company's profit rose even as its…
Chinese music platform Cloud Music on Thursday reported a net profit of 734 million yuan for 2023, reversing a loss of 221 million yuan in 2022 and marking its first-ever annual profit.

FAST NEWS: Cloud Music posts first annual profit

The latest: Chinese music platform Cloud Music Inc. (9899.HK) on Thursday reported a net profit of 734 million yuan ($102 million) for 2023, reversing a loss of 221 million yuan in 2022…

FAST NEWS: Cloud Music shares plunge on revenue decline

The latest: Chinese music platform Cloud Music Inc. (9899.HK) last Friday reported first-quarter revenue of 1.96 billion yuan ($277 million), down 5.2% year-over-year and 17.5% quarter-over-quarter, respectively. Its gross profit for…