So we had to make do with what we had: a church. And hilariously, some of them followed us to the church and, throughout the shoot, pretended to be cops driving by, which was very interesting. It was dark and there were tons of bugs and weird noises, plus we had no plan other than the initial locations, which did not work out, as there were lots of people at them. I knew that we had to shoot the video, so we did. He messaged me the morning of the day that we shot this and said that he got verified on SoundCloud, plus it was almost exactly a year after we shot the video for “ Earned”. But we had planned on doing a video for the song, and I was going back to college that week. Shooting this one was quite an experience, as I was insanely sleep-deprived and, because of this, in the midst of what I believe was a manic episode. The video extends this vibe by making use of flowing transitions, exciting performances, and disorienting effects. At Tuesday’s closing price of HK$28.2 in Hong Kong, the company has a market capitalization of HK$96.2 billion ($12.3 billion).“ Smorz” is a trancey, hard-hitting Rap track with a trippy self-produced beat that has punching drums and a hypnotic synth melody, along with a fluent chorus and witty bars performed in a range of tones. Its shares are listed in ADR form on the New York Stock Exchange and also in Hong Kong. The group has a cash pile of RMB31 billion ($4.24 billion). Online music has more visibly become our core business, driving engagement and earnings growth, while we adjust our social entertainment offerings,” said Ross Liang, CEO of Tencent Music. Our ecosystem’s strength, platform’s scale and AI-empowered technological edges have enabled us to transition into an increasingly robust music powerhouse. “The third quarter results highlight efficiency gains across our platforms. These achievements further unlock the value of music and pave the way for our sustainable development in the long run,” said Tencent Music executive chairman Cussion Pang. Our evolving ecosystem and resilient businesses enabled us to deliver a group-wide margin expansion. The accelerated year-over-year subscription revenue growth was supported by expansion in both subscriber base and ARPPU. In the third quarter, we reported strong growth in our online music services despite the topline headwinds from the social entertainment business. “Our dual-engine content-and-platform strategy continues to pay off. That was also an increase of 3.6 million subscribers compared with the second quarter. The number of paying users increased by 21% year-over-year to 103.0 million. Within that total, revenues from music subscriptions were RMB3.19 billion ($438 million), representing 42% year-over-year growth. Group revenues came in at RMB6.57 billion ($900 million), representing a 11% year-over-year decrease, mainly due to the decline in revenues from social entertainment services and others. Its predominantly mainland China operations divide into music streaming and social entertainment activities – karaoke, concert promotion and other related activities. Tencent Music, which is a major stakeholder in both Spotify and Universal Music Group, reported figures on Tuesday, for the three months from July to end September 2023. Net profits hit $173 million (RMB1.26 billion), representing a 16% year-over-year increase. Growing streaming subscriptions lifted the bottom line at Tencent Music Entertainment, in the third quarter of its financial year, despite a top line decrease in revenues.
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