Can music contribute to the growth of the revenue of any nation? Well, we all must think about how can music be a factor of growth and development of any country? After all, it's just a way of getting ourselves entertained and could only benefit at an individual level or could lead to a particular sector's growth. Well, China is a country where online music streaming plays a vital role in its growth. Tencent music offers the internet platform for the users and patches up with some of the giant music apps of china as well that raises over one million monthly active users.
The company has a tie-up with Tencent, which has significant importance. Tencent is a giant internet platform, helps in attracting a large number of users to this service. Also, it provides users with leading music provider services in the country. Recently, the company has inaugurated its first service offerings in the United States. According to speculations, this step could prove to be a long-term profit-oriented investment for those investors who are keen on increasing their market face value and growth. The prime factor of this platform is that it creates a mash-up of streaming music and social networking platform. It allows users to listen to music and even create their musical notes with friends.
Tencent Music has fascinating features and services that attributes to some key marketing strategies to increase their revenues and capital collection. This company profits from not only music services but also the use of the internet because it has patch-up with Tencent, which is a significant internet provider platform in China. That's why this company is in a leading position to benefit.
However, one main noticeable thing is that China's growth in terms of recorded music is not that considerable as of online music streaming. China's online music streaming growth in terms of revenue collection is almost double the recorded music collection revenues. As per the International Federation of the phonographic industry, China stands at the twelfth position in terms of recorded music revenue collection.
Presently, Tencent music is not just a source of music streaming. It owns some of the most popular music-related apps of China that contributes to its mass gathering of its users on its platform. With the ongoing era of globalization, those class of Chinese society which were deprived of online music streaming are also turning towards music streaming. Their increased salary has allowed them to avail of this sober luxury. Nowadays, people are becoming more fashionable towards accepting the trend of paid music and its premium services. As the income and wages of the weaker section increased, they have started to spend on entertainment stuff like music being one of them. Their spending potential has been developed a lot in the past few years, which significantly results in more money being invested into the streamed musical sector.
The reason for growth due to TME has many aspects and dimensions, but one of the main reasons is its better user experience and accessibility to all. This company has something for everyone and creates such entertaining vibes so that the user could spend as much time as possible, which ultimately increases the chances of selling advertisements and services. Furthermore, Tencent music has a vast collection of songs. One could never have imagined that so many songs can be available on a single platform with multiple services to enjoy. Its library has over thirty-five million songs from hundreds of artists. Isn't it a humungous number? Indeed, it is. It provides so many songs and services in a highly customized way.
Tencent also operates WeChat, which is very helpful in attracting millions of users to this platform. Musical culture is prevalent and popular in China. Tencent provides a highly compatible gallery between its musical apps and WeChat so that the users could be cost-effectively attracted to the musical apps. Yes, we can say that it is a very sophisticated and intelligent marketing strategy also to increase the revenue collection and consequently to contribute to the growth of the nation too. So, these factors contribute to the high growth rate of the country due to online music streaming by Tencent music.
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