HK Movers | Movies & Entertainment Shares Jump. YH ENT up 19%; Tencent Music up 8%; Sunny Side up 5%

Tiger Newspress

15 May

Hong Kong’s movies & entertainment shares jumped on Thursday. YH ENT up 19%; Tencent Music up 8%; Sunny Side up 5%.

Tencent Music Entertainment surpassed first-quarter revenue expectations on Tuesday on the back of strong subscriber growth in its online music services, particularly in its long-form audio content.

The Chinese music streaming giant has heavily invested in long-form content, like podcasts and audiobooks, as part of its bet on the Super VIP (SVIP) program, which bundles high-quality audio, online karaoke and exclusive event access.

This has helped Tencent Music offset weakness in its social entertainment business, impacted by the removal of certain live-streaming features such as virtual lucky draws to comply with Beijing's anti-gambling regulations.

First-quarter revenue from music subscriptions grew 16.6% to 4.22 billion yuan ($586.1 million), while paying users increased by 8.3% to 122.9 million. CEO Ross Liang cited long-form audio as a key driver for SVIP business growth on an earnings call.

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