Profits Drop at Tencent Music as Regulatory Pinch is Felt

Profits at Tencent Music Entertainment, China’s largest digital music company, dropped in the third quarter of its financial year as the company felt the impact of the Chinese government’s multiple crackdowns on the tech sector. Net profits in the three months from July to September 2021 fell to RMB788 million ($122 million). That compares with net profit of RMB1.13 billion in the equivalent quarter last year, and with an RMB871 figure in the April-June second quarter of 2020. Revenues at RMB7.81 billion ($1.21 billion), were up 3% year-on-year, but down 2% quarter-on-quarter. The company’s operations include online music, online audio,… Read Full Article