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Pang added that the anti-gambling measures should be a temporary setback as the company expects its social entertainment segment to continue generating a healthy cash flow for the company. According to Cussion Pang, Tencent Music’s executive chair, the company’s goal for 2024 would be to stabilize its business and serve its loyal customers in other ways. The dramatic decline was caused by the company’s adjustments to the new rules and follows an earlier quarterly decline of 24%.ĭespite the difficulties caused by China’s strict anti-gambling policies, Tencent Music believes that it will be able to get the situation under control.

Tencent Music complied with the new regulations and took these features down, causing its social entertainment services’ revenue to plummet by 48.8%. However, Beijing’s latest activity also saw it tackle live streaming platforms’ gamified features, including lucky draws, alleging that they can be used for gambling purposes. The Tencent subsidiary has never offered gambling in the true sense of the word. Tencent Music Will Focus on Stabilizing Its Business in 2024 The revenue decline was attributed to the company’s social entertainment performance which plummeted because of China’s strict new regulations on gambling and gambling-like products. Despite this, the quarterly results still represent a decline of 10% year-on-year.

Instead, the company wrapped up the three months ended September 30 with revenue of 6.57 billion yuan (roughly $901 million). For reference, the company’s Wall Street estimates expected it to post revenue of 6.31 billion yuan for the quarter. Tencent Music, a company that develops music streaming services for the Chinese market, has reported satisfactory Q3 results despite the setbacks caused by the country’s crackdown on online gambling and certain gambling-like gamified features.Īs reported by Reuters, the music streaming company surpassed its initial quarterly estimates thanks to the noticeable increase in paid subscriptions.

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