Industry

Tencent President Martin Lau Resigns From Tencent Music Board of Directors

May 30, 2022, 13:59pm2022/05/30 14:02:33 Pandaily

Tencent Music Entertainment Group<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> announced on May 27 that Martin Lau has resigned from the firm’s board of directors with immediate effect.

Lau is now the president of Tencent<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Group, after joining the Tencent<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Music board of directors in 2016. Apart from his resignation, Tencent<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Music also announced the appointment of Matthew Cheng as a new board member. Cheng joined Tencent<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Group in November 2010 and now serves as VP. Since November 2019, he has served as the non-executive director of China Literature<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Limited, a digital reading company under Tencent<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder />.

Cheng is a senior member of the Association of Chartered Certified Accountants and holds a bachelor’s degree in accounting from Hong Kong Polytechnic University. Before joining Tencent<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder />, Cheng worked for PricewaterhouseCoopers and China Everbright Technology Co., Ltd.

Tencent<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Music currently owns QQ Music, KuGou Music, Kuwo Music and WeSing, and it provides online music, audio, karaoke, music-centered livestreaming content and other services.

On May 17, Tencent<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Music released its first-quarter financial report, indicating a decline in revenue and net profit. The firm’s revenue in Q1 totaled 664 billion yuan ($99.87 million), a year-on-year decrease of 15.1%. Meanwhile, net profit attributable to shareholders was 609 million yuan, down 34% year-on-year.

Specifically, music subscription revenue in Q1 was 1.99 billion yuan, up 17.8% year-on-year, online music service revenue was 2.62 billion yuan, down 4.8% year-on-year, and social entertainment services and other revenue was 4.03 billion yuan, down 20.6% year-on-year.

The number of paid user of Tencent<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Music’s online music services in Q1 was 80.2 million, an increase of 31.7% compared with the same period last year. The paid rate of online music services was 13.3%, higher than that in Q1 and Q4 of fiscal 2021. It is worth noting that the mobile monthly users of online music services decreased by 1.8% year-on-year to 604 million, and social entertainment monthly users decreased by 27.7% to 162 million.

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