Chinese music services growing faster than Spotify
The biggest music streaming providers in China, Tencent Music and NetEase Cloud Music, added 4.0 million paying music users quarter-on-quarter in Q1 2022, and 7.8 million respectively. TME’s official ‘paying online music’ user-base now stands at 80.2 million customers, while NetEase now stands at 36.7 million customers. Spotify net-added 2 million paying customers to its service in Q1 2022, and now stands at 182 million Premium subscribers outside of China. When it comes to finance, however, the numbers go in the Swedish company's direction - its Premium subs business generated €2.379 billion (USD $2.67bn) in the first quarter of 2022. Tencent Music online music services revenue fell to USD $413 million, while NetEase Cloud Music’s online music services generated USD $140m. MBW has all the numbers and comparisons.