Tencent Music Entertainment is China's largest online entertainment platform, with more than 800 million monthly users. It operates the top four mobile music apps for monthly active users, such as QQ Music, Kugou Music, Kuwo Music, and WeSing.
Key priorities of Tencent Music Entertainment
One of the major goals for Tencent Music Entertainment is to increase the paying user base. The company is trying to expand subscribers and partner with leading music labels. Along with this, it is also trying to find new and enthusiastic musicians for the future.There is no doubt that it is one of the largest online music platforms in China. It is finding new ways to increase the playlists, and the management is also trying to improve the customer base. To increase the customer base, it has introduced a new feature, Grab the Mic, which will help to improve the user retention rate. The management team also tries to find innovative ideas to enter the market.
Strategies to improve customer engagement
The online music industry depends on repeat purchases for sustainability. Therefore, Tencent Music Entertainment's sustaining model will ensure repeat purchases, but the main focus is to engage customers so that they do not get the chance to switch to rival services. This is why, in order to engage customers, the main strategy is content diversity and promotional capabilities.For content diversity, the TMC is partnering with the leading music labels. In fact, it has now partnered with some of the leading music labels, such as SM Entertainment, an enviable music portal in South Korea. It offers more than 35 million songs to users, and it has also added some music-related videos and audiobooks to increase user engagement.
On the other hand, it has started music variety shows for user engagement, and celebrity involvement and social media help it go viral. The company is producing the Kugou Music show, which is based on celebrity discussions and real-life inspirations and will connect the artist and the viewers.
These strategies are undoubtedly helping this company showcase new talents, and artists will get the chance to promote their talent by using this platform. Therefore, it can also increase the audience base.
In addition to these, the company is also trying to improve personalized features such as intelligent tagging, playlist recommendations, and so on.
Future planning of Tencent Music Entertainment
With the new strategies, TME is expanding its business. The music streaming market in China can undergo a massive change by 2023. The reduced cost of data can also increase the number of Tencent Music Entertainment subscribers. Additionally, the social media business will help improve user engagement. Moreover, features like Grab the Music will help increase interest in the application and increase the subscriber number for a long time period.Tencent Music Entertainment has four leading platforms, and therefore, it has four revenue streams to watch
Online music services
With the help of three leading platforms, the company can offer more than 20 million songs for users, which can be one of the most significant game changes over time.Online karaoke
This is one of the main things that will involve more users in the future. Users can record their own performances and watch others on WeSing. It will help to discover new talents and encourage others.
Live music
The celebrity artist will perform live through Kugou Live and Kuwo liveLiveich will also help to attract the users' attention.Social entertainment
Tencent Music Entertainment will help to engage the audience and provide income for the people who are providing content.Some challenges may come, but the strategies to increase the number of users will work, and it will keep entertaining the users as they have a vast stock of songs.
