Tencent Music Entertainment Group partners with Billboard to promote Chinese music industry
September 2, 2022
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Tencent Music Entertainment($NYSE:TME) Group has announced a partnership with Billboard to promote the Chinese music industry. As part of the partnership, TME will share Billboard’s global content across its wide-ranging channels. The move is designed to leverage TME’s leading technologies and Chinese music industry insights with Billboard’s global brand authority, drawing on both domestic and international markets to promote the impact of Chinese music around the world. The partnership is a significant move for both companies, and is likely to have a positive impact on TME’s market and earnings in the long term. by providing a wider platform for Chinese music to reach international audiences.
TME’s stock opened at $4.9 on Wednesday and closed at $5.1, up 6.2% from its last closing price of $4.8. The partnership will see TME and Billboard working together to produce exclusive content, including articles, interviews, and lists featuring the best of Chinese music. In addition, the two companies will collaborate on events and conferences to showcase Chinese music to international audiences. This is a major coup for TME and is sure to boost the profile of the Chinese music industry on the global stage.
TENCENT MUSIC ENTERTAINMENT has strong fundamentals that reflect its long-term potential. Based on the VI Star Chart, TENCENT MUSIC ENTERTAINMENT has a high health score of 8/10 with regard to its cashflows and debt, indicating that it is capable of sustaining future operations in times of crisis. Overall, TENCENT MUSIC ENTERTAINMENT is classified as an “elephant”, a type of company that is rich in assets after deducting off liabilities. Such companies are deemed to be less risky as the intrinsic value is pegged to its assets.
The move comes as the stock price of the company’s shares moved up the same day. The partnership will see TME working with Billboard to produce exclusive content, including a dedicated Chinese-language music industry news site and a series of events and conferences. The move is part of TME’s wider strategy to grow its international reach and promote the Chinese music industry globally. It comes as the company prepares to list its shares on the New York Stock Exchange. The partnership is a boost for the Chinese music industry, which has been growing in recent years but still lags behind other genres in terms of international recognition. The partnership between TME and Billboard is a positive step towards promoting the Chinese music industry globally, and is likely to result in increased investment in the sector.
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