Tencent Music entertainment is the largest online entertainment platform in China which has more than 800 million monthly users. It operates the top four music mobile apps in terms of mobile monthly active users such as QQ Music, Kugou Music, Kuwo Music and WeSing.
Key priorities of Tencent Music entertainment
One of the major goals for Tencent Music entertainment is that it is trying to increase the paying user base. The company is trying to expand the subscribers and it is trying to make the partnership with leading music labels. Along with this, it is also trying to find out new and enthusiastic musicians for the future.There is no doubt that it is one of the largest online music platforms in China and it is finding new ways to increase the playlists and the management is also trying to improve the customer base. To increase the customer base it has introduced a new feature namely Grab the Mic which will help to improve the user retention rate. The management team is also trying to find innovative ideas to get the market.
Strategies to improve customer engagement
The online music industry depends on repeat purchases for sustainability. Therefore, the sustaining model of Tencent Music entertainment will ensure you about the repeat purchases but the main focus is that to engage customers so that they are not getting the chance to switch on rival services. This is why in order to engage customers the main strategy is to content diversity and promotional capabilities.For content diversity, the TMC is trying to make a partnership with the leading music labels. In fact, it has now partnered with some of the leading music labels such as SM entertainment which is an enviable music portal in South Korea. For the users, it is offering more than 35 million songs and along with this, it has also added some music-related videos and audiobooks to increase the engagement of the users.
On the other hand, for user engagement, it has started music variety show and celebrity involvement and social media help them to make it viral. The company is producing Kugou Music show which is basically based on celebrity discussion and real-life inspirations and it will connect between the artist and the viewers.
There is no doubt that these kinds of strategies are helping this company to showcase the new talents and artists will get the chance to promote their talent by using this platform. Therefore, in this way it can also increase the audience base.
Apart from all of these, the company is also trying to improve the personalised features such as smart tagging, playlist recommendations and so on.
Future planning of Tencent Music entertainment
With the new strategies, TME is expanding the business. The music streaming market in China can bring a huge change within 2023. Along with this, the reduced cost of the data can increase the subscriber number of Tencent Music entertainment. Additionally, the social media business will also help to improve the engagement of the users. Moreover, features like Grab the music will help to increase the interest in the application and it will increase the subscriber higher for the long-time period.Tencent music entertainment has four main platforms and therefore, it has four revenue streams to watch
Online music services
With the help of three leading platforms, the company can offer more than 20 million songs for the users and therefore, it can be the biggest game changes over the period of time.Online karaoke
This is one of the main things which will involve more users in the future. Users can record their own performance and they can watch others on WeSing. It will help to find out new talents and encourage others.
Live music
The celebrity artist will perform live through the Kugou live or Kuwo live which will also help to drag the attention of the users.Social entertainment
Tencent Music entertainment will help to engage the audience and provide the income for the people who are providing contents.There may be some challenges which will come but the strategies to increase the user will work and it will keep entertaining the users as they have a huge stock of songs.
