China-headquartered music streaming firm Tencent Music Leisure Group has printed its inaugural Environmental, Social and Governance report.
In response to TME, the report highlights the corporate’s “dedication to sustainable practices and long-term worth creation, and particulars the initiatives and efficiency in key areas resembling accountable platform, worker care, and social duty”.
The report additionally consists of information about TME’s efforts to guard creators’ IP on its platform and descriptions the way it protects its personal IP, revealing fascinating stats about its huge world trove of patents and emblems.
In response to the report, printed on Friday (September 27), Tencent Music Leisure had utilized for 4,768 patents as of the tip December 2023.
Of these functions, 2,564 of them had been granted by the China Nationwide Mental Property Administration and by abroad patent workplaces as of the tip of final 12 months,
TME had additionally utilized for 6,111 emblems as of the tip of final 12 months, 4,295 of which had been registered with the China Nationwide Mental Property Administration and abroad
Tencent Music additionally had 694 “software program copyrights” registered with the Copyright Safety Middle of the Individuals’s Republic of China
The publication of TME’s ESG report comes because the music enterprise within the West watches TME and the broader music trade in China extra carefully.
There was proof of the Western music trade’s elevated curiosity in Tencent Music’s tech and product improvement simply a few weeks in the past at Common Music Group‘s Capital Markets Day in London.
As Spotify prepares to launch a pricier deluxe tier that’s anticipated to characteristic HiFi audio and superfan content material, Common pointed to TME’s efforts to higher monetize superfans by itself platform as a case research in extracting extra income from subscription music streaming.
TME’s ‘Tremendous VIP’ tier prices 5 instances as a lot as a daily paid subscription.
Throughout UMG’s Capital Markets Day, Government Vice President and Chief Digital Officer Michael Nash referred to as TME’s Tremendous-VIP tier “one other thrilling instance of how product innovation can considerably improve buyer worth”.
He added: “Adoption has already been robust, and we consider it has damaged right into a double digit proportion of the subscriber base. We count on ‘super-premium’ tiers to be deployed by most streaming platforms, enhancing the subscriber expertise, bringing followers nearer to the artists they love, and considerably growing subscription income.”
Commenting on the discharge of TME”s ESG report, Cussion Pang, Government Chairman of TME, commented: “Our inaugural ESG report showcases the steps we’re taking to develop and implement a sustainability technique. Constructing upon this basis, we’re dedicated to constantly shaping a sustainable future.”
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