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MarketBeat
MarketBeat
Leo Miller

The "Spotify of China" Just Got a Whole Lot Cheaper

TME SPOT China Tencent ByteDance Douyin MarketBeat NYSE Soda TikTok

Tencent Music Entertainment Group (NYSE: TME) is China’s music streaming leader, amassing a huge market share. The entertainment company boasts approximately 528 million monthly active users (MAUs) and generated $1 billion in revenue from online music services in its latest quarter.

Meanwhile, the company’s top competitor, NetEase (NASDAQ: NTES), brought in just $282 million in music revenue. With such a wide lead in revenue share, the “Spotify of China” is a fitting moniker for Tencent Music Entertainment.

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