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Digital Economy

Tencent Music Entertainment Q2 2023 revenue up 5.5% to $1.01bn with paying users growing 20.2% to 100 million

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3 months ago

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China's music streaming service Tencent Music Entertainment Group reported a 5.5% increase in revenue to to RMB7.29 billion ($1.01bn) in the quarter ending June 30.

Revenues from online music service, part of the Tencent Holdings group, increased by 47.6% year-over-year to RMB4.25bn ($586m), representing 58.3% of total revenues. Revenues from music subscriptions were up 37.2% y-o-y to RMB2.89bn ($399m).

Revenues from social entertainment services and others decreased by 24.6% to...

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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).

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Copyright & Regulation

Europe’s AI Act caught between creators’ desire to prioritise transparency and tech companies calling for light legislation

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11 hours ago

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November 30, 2023

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As the European Union is preparing to adopt new legislation on artificial intelligence contained in the AI Act, tech companies and organisations representing the tech sector and the creative community continue to push for two different visions on how AI should be regulated in the EU.

Tech companies are calling for light regulation in order not to hamper the development of AI in the region. Creators focus on transparency and remuneration of works used to train AI systems.

Both perspectives...

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Digital Economy

Music Technology UK kicks off with the goal to promote British music tech innovation

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2 days ago

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November 28, 2023

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Music Technology UK (MTUK) has launched with a mission to drive recognition of the UK as a global leader in music tech innovation.

The new industry association has identified eight key objectives: 1. Foster industry leadership; 2. Cultivate growth and investment; 3. Create productive partnerships; 4. Nurture talent and innovation; 5. Expand global reach; 6. Integrate across media; 7. Strengthen community networks; and 8. Champion economic advantages.

MTUK's Matt Cartmell

MTUK Chief Exe...

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Digital Economy

China’s ByteDance plans to pull out from the video gaming sector — report

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3 days ago

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November 27, 2023

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ByteDance, the Chinese parent company of TikTok and Douyin, is restructuring its video games unit Nuverse, and plans to "retreat from mainstream video games," according to Reuters, citing "four people familiar with the matter." The move is expected to result in hundreds of employees from the division losing their jobs.

A ByteDance spokesperson told Reuters: "We regularly review our businesses and make adjustments to centre on long-term strategic growth areas. Following a recent review, we've...

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