China-based music streaming company Tencent Music Entertainment Group Released its first environmental, social and governance report.
TME said the report highlights the company’s “commitment to sustainable practices and long-term value creation, and details initiatives and performance in key areas such as responsible platforms, employee care and social responsibility”.
The report also includes information about TME’s efforts to protect the intellectual property rights of creators on its platform and outlines how it protects its own intellectual property rights and reveals interesting statistics about its platform. Holds numerous patents and trademarks worldwide.
According to reports published on Friday (September 27), Tencent Music Entertainment has applied 4,768 Patents as of December 2023.
Among these applications, 2,564 As of the end of last year, it had been authorized by the National Intellectual Property Administration and Overseas Patent Offices.
TME also applied 6,111 As of the end of last year, the trademark 4,295 Which has been registered with the National Intellectual Property Administration of China and overseas
Tencent Music also has it Chapter 694 “Software copyright” registered with the Copyright Protection Center of the People’s Republic of China
The release of the TME ESG report comes at a time when the Western music community is paying closer attention to TME and China’s broader music industry.
There was evidence of growing Western music industry interest in Tencent Music’s technology and product development just a few weeks ago at Universal Music Group’s Capital Markets Day in London.
As Spotify prepares to launch a pricier deluxe version that is expected to include HiFi audio and super fan content, Universal points to TME’s efforts to better monetize super fans on its own platform as it moves from subscription music streaming A case study on generating more revenue in streaming.
TME’s “Super VIP” tier costs five times more than a regular paid subscription.
During UMG Capital Markets Day, Executive Vice President and Chief Digital Officer Michael Nash called TME’s Super-VIP tier “another exciting example of how product innovation can significantly enhance customer value.”
He added: “Adoption is already strong and we believe it has broken into double digits as a percentage of its user base. We expect most streaming platforms to deploy ‘super premium’ tiers, enhancing the subscriber experience and bringing fans closer artists they love and significantly increase subscription revenue.
Commenting on TME’s ESG report, TME Executive Chairman Peng Jiaxin said: “Our first ESG report demonstrates the steps we have taken to formulate and implement a sustainable development strategy. On this basis, we are committed to continuously shaping a sustainable development strategy. future.
Chartmetric is an all-in-one platform for artists and music industry professionals, providing everyone with comprehensive streaming, social, and audience data to help them build successful careers in music.global music business
