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Digital Economy

Tencent Music Q3 2022 revenue were down 5.6% year-on-year to $1.04 billion, but paying users were up 19.8% to 85.3 million

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China's digital music and audio entertainment platform Tencent Music Entertainment Group posted revenue of RMB7.37 billion ($1.04bn), down 5.6% year-over-year, and 6.7% increase on a sequential basis, reflecting a more competitive environment.

Paying users reached 85.3 million, increasing by 19.8% y-o-y from 71.2 million. On a sequential basis, the number of online music paying users grew by 2.6 million.

For the first nine months of 2022, total revenue was slightly down to RMB20.9bn ($2....

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Emmanuel is a Washington, DC-based freelance journalist, blogger and media consultant, specialising in the entertainment business and cultural trends. He was the US editor for British music industry trade publication Music Week. Previously, he was the editor of Impact, a magazine for the music publishing community (2007-2009), the global editor of US trade publication Billboard (2003-2006), and the editor in chief of Billboard’s sister publication Music & Media (1997-2003).

Creative Industries

Quotes of the week — Week 46, 2022

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"I’ve had a bad month.”By Sam Bankman-Fried, the founder and CEO of bankrupt crypto platform FTX, speaking at the New York Times' DealBook Summit, in his first public appearance since the collapse of his company amid allegations of fund mismanagement.

“The fact that companies have to deliver their apps exclusively from platforms controlled by competitors — there is a conflict of interest there.”By Mark Zuckerberg, founder of Meta, the parent company of Facebook and Instagram, expla...

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Creative Industries

Main stories — Week 46, 2022

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Here’s a list of the main stories published this week by Creative Industries News:

LEAD STORY> The UK’s CMA completes its market study into music and streaming services without calling for a full market investigation> British industry reacts to CMA’s report on the economy of music streaming

COPYRIGHT & REGULATION> musicFIRST calls for US radio stations to provide ‘equal time’ for creators to promote the American Music Fairness Act> Singapore regulators seek comments on...

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Copyright & Regulation

The UK’s CMA completes its market study into music and streaming services without calling for a full market investigation

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The UK's Competition & Markets Authority (CMA) has concluded its market study into music and streaming services by deciding not to undertake a full market investigation, considering that the outcomes from streaming "are good for consumers."

"We have found that it is unlikely that the outcomes that concern many stakeholders are primarily driven by competition," reads the final report from the CMA. "Consequently, it is unlikely that a competition intervention would improve outcomes overall...

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