Tencent Music Entertainment Group ADR

TME: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$55.80	Bmkrmng	Rpzfqxncs

Tencent Music's Long-Term Growth Is Underpinned by Continuing Increase in Subscribers

Ivan Su , Jeff Zhang

Sep 29, 2022

Business Strategy and Outlook

With around 600 million monthly active users Tencent Music Entertainment is the largest music streaming platform in China. The firm monetizes through live streaming, a high margin business generating over 50% of revenue and over 100% of operating profit, while subscription-based music streaming remains loss-making.

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