Tencent Music (NYSE: TME) announced that it will release its second quarter 2021 financial report after the US stock market closes on August 16, 2021 Eastern Time ( August 17th, Beijing time ).
After the financial report is released, the Tencent Music management team will hold a financial report conference call at 8 pm Eastern Time on August 16 (August 17 at 8 am Beijing time).
Naijatechnews learned that Tencent Music’s total revenue for the first quarter of 2021 was RMB 7.82 billion (approximately US$1.19 billion), an increase of RMB 1.51 billion compared with RMB 6.31 billion in the same period last year, a year-on-year increase of 24.0 %; The net profit attributable to the company’s shareholders was RMB 926 million (approximately US$141 million), an increase of 4% compared to RMB 887 million in the same period last year.
Last month, the State Administration of Market Supervision made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliates to take copyright fee payment methods such as canceling exclusive music copyrights and stopping high prepayments within 30 days, and not requiring upstream copyright parties to give them superiority without justified reasons. The conditions of competitors and other measures to restore the state of competition in the market.
Tencent said on the penalty that the company will earnestly abide by the decision, strictly implement the regulatory requirements, operate in compliance with laws and regulations, and earnestly fulfill its social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in full in accordance with the requirements of the penalty decision to ensure that the rectification is in place.
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