Tencent Music Entertainment Revenues Jumped 34% to $3.65B in 2019

Mostly unseen in the United States, Chinese music streaming company Tencent Music Entertainment continued to prove it’s a formidable force by improving revenues 34% to $3.65 billion (25.43 billion Renminbi) in 2019. Net income jumped 126.7% to $664 million. The worst weeks of the novel coronavirus in China came after the fourth quarter and full-year reporting period for the results announced Monday (March 16), but the global pandemic still loomed over an earnings call. “I wish you and your family good health,” said Cussion Pang, Tencent Music’s CEO, at the call’s conclusion. “The virus has brought some negative impact to our society and even the global economy. I’m sure that all the bad times are gone and the future is bright.”