New Street: TME 4Q21 Preview - Nudging Down Our Near Term Estimates
What’s New: We lower our 4Q21 and FY22 top-line estimates given the continued weakness in ads and live streaming amid tough macro environment and intensified market competition. Music subscription remains resilient, and quarterly net adds of 4mn-5mn could be intact heading into 2022 driven by increase in contents behind the paywall, improvement in retention rate, and adding more value to the monthly subscription packages.Analysts:
Jin Yoon
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