Tencent Music (Photo : XingPark/YouTube)
Tencent Music Entertainment Group is expanding beyond its 650 million online users by extending its reach in 2017 to other Southeast Asian territories. It is also considering launching in India.
Other potentials of music streaming service in Asia would be the topic of the keynote address of Andy Ng, vice president of Tencent Music, at Midem 2017. The event is part of the Midem Keynote series, a music industry trade event, at Cannes, France, to be held on June 6-9, Musicdish reported.
Only Profitable Music Streaming Platform in Asia
Ng would include in his talk how to monetize the listening audience, music legislation in China, trends in the digital music market and cooperating with digital music platforms. QQ Music, owned by Tencent, is China’s biggest music-streaming platform and the only profitable one in the Asian giant.
A report by Mckinsey, a research company, said that in 2014, the streaming music market in Asia grew rapidly. Streaming was larger than download revenue with 56 percent of music revenue in the region sourced from music streaming. It forecast the number of streaming music subscribers in Singapore, Hong Kong, Thailand, Malaysia, Indonesia and the Philippines could double from 47 million in 2015 to 87 million by 2020, Huffington Post reported.
Factors Behind QQ’s Success
He attributed QQ’s success to the company’s efforts, in partnership with music labels, to address rampant piracy as well as its unique pricing strategy based on incentives. QQ has captured about 55 percent of the total market in China with about 10 million user who have signed up for QQ’s paid music services.
Besides music, QQ allows users to communicate, share their experiences, use information and seek entertainment through its integrated platforms. Besides QQ, Tencent’s diversified services include Weixin/WeChat for communications, Qzone for social networking, online games QQ Game Platform, Tencent News and QQ.com for information and Tencent Video for video content.
Other music companies that have confirmed their participation in Midem 2017 are the Alibaba Group, ASCAP, BMG, Buddemusic, AMRA, believe digital, BMI and Epic.
