Tencent Music made less money in 2022 after revenue also contracted in 2021. Last year, income fell to 28 billion yuan (US$4.1 billion), down 9.3 percent. However, the group’s net profit for the year was up 21.4 percent to 3.7 billion yuan.
Tencent Music did exceptionally well in Q4 last year, with profit climbing by 115 percent year on year to 1.2 billion yuan, despite the number of monthly active users declining. Revenue from subscriptions grew 20 percent to 2.3 billion yuan.
CEO LIANG Zhu said the company plans to invest in sound quality, visual effects and social interactions.
Tencent Music is closely linked to WeChat. TME Live, an online concert project by Tencent, has been working with WeChat to bring free or paid content to the audience. Tencent Music has also renewed its contract with JVR Music, the music production company owned by pop star Jay Chou.
Liang also said Tencent Music has been working on AI-generated content (AIGC) tools. It has so far developed Muse, a music poster generator that creates wall art based on the melody or lyrics of a song, and Lingyin, an AI singer that mimics the sounds of popular singers.
