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HomeBusinessTencent Music Started With Overweight Rating at Barclays

Tencent Music Started With Overweight Rating at Barclays

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Barclays analysts initiated coverage on Tencent Music Entertainment (NYSE:TME) with an Overweight rating and a $16 price target, citing the company’s solid adaptation and growth in China’s evolving music streaming market.
Tencent Music has successfully transitioned from a free-to-play to a subscription-based model since its 2018 IPO, boosting its paying user ratio from low single digits to over 20% by the second quarter of 2024.
The company has also streamlined its live-streaming business, previously under regulatory scrutiny, while maintaining steady revenue growth. Additionally, Tencent Music’s advertising business now generates approximately RMB 3 billion annually, tapping into its substantial user base of around 570 million and leveraging strategic support from parent company Tencent. With an estimated 65% market share, Tencent Music has firmly established itself as a leader in China’s music streaming industry.

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