Tencent Music, Spotify & Other Streamers Lead Music Stocks as Legacy Broadcasters Fall Short ...Middle East

Music stocks’ performance this week was a microcosm of the entertainment industry this decade, with streaming companies making up the top four performers while legacy broadcasting stocks finished at the bottom of the heap. Chinese music streaming company Tencent Music Entertainment rose 6.0% to $10.95 following the company’s encouraging full-year earnings results on Tuesday (Mar. 19). Although total revenue declined 2.1%, the online music part of the business is booming. Subscription revenue from QQ Music, Kuwo Music and Kugou Music increased 39.1% to $1.7 billion while the number of subscribers grew by 18.2 million

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