TME: More Paying Users To Drive Better 4Q20 Results
TME will report 4Q20 results on March 22nd after the close of the markets followed by an 8pm EST conference call. Based on our data, we estimate that total revenue is likely to be better than consensus at RMB8,332M. In 4Q20, the music subscription business was still in high growth driven by higher paying members and flat ARPU; social entertainment showed recovery in ARPU with stable users. In 4Q20, TME announced that it has been expanding its independent music portfolio by signing new licensing and distribution deals with three leading independent music publishers, including peermusic, Merlin Network and The Royalty Network. And TME will exercise its option to acquire a further 10% stake in Universal Music Group in 2021, raising the holding to 20%.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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