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Spotify rival Tencent Music posts maiden quarter loss of $130M on one-off costs

Rita Liao
Updated
Spotify rival Tencent Music posts maiden quarter loss of $130M on one-off costs

Tencent Music Entertainment Group, the Chinese answer to Spotify that Tencent spun out and floated on the New York Stock Exchange in December, reported a net loss of 876 million yuan ($127 million) in its first set of quarterly results since going public. The loss, which TME forecasted in its prospectus filed ahead of the IPO, is mainly due to a one-off 1.52 billion yuan ($221 million) share-based charge related to equity issuance to label partners Warner Music Group and Sony Music Entertainment. In a similar move back in August, Warner Music sold all its shares in Spotify, the Swedish music streaming startup that has swapped shares with Tencent.

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