From Financial Modeling Prep.: 2024-11-06 07:37:00

Barclays analysts have given Tencent Music a positive Overweight rating and a $16 price target, praising the company’s growth in China’s music streaming market. Since its 2018 IPO, Tencent Music has increased its paying user ratio to over 20% and successfully transitioned to a subscription-based model.

Tencent Music has improved its live-streaming business and advertising revenue, generating around RMB 3 billion annually. With a user base of 570 million and support from parent company Tencent, the company holds an estimated 65% market share in China’s music streaming industry.



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