Tencent Music Entertainment have just announced their IPO, but the biggest news is their ‘social entertainment’ services.
WeSing karaoke and its livestreaming-video apps generated $1.18bn from 228 million users. Thus, WeSing and its livestreaming apps account for 71.3% of Tencent Music’s revenues for 2017. WeSing and livestreaming apps have over 9.2 million paying social-entertainment customers and generate even more sales via virtual gifts and premium WeSign memberships.
Both ‘social entertainment’ and recorded music categories are growing very fast as they were up by 92.2% and 87.2% respectively in the first half of 2018.