Tencent Music Entertainment Group provided revenue guidance for the first quarter and full year of 2022. For the quarter, the company expects total revenues on a year-over-year basis to decline by around mid-teens. In particular, live streaming continue to face competition in a challenging macro environment. And secondly, they are in the process of adjusting their advertising business model to embrace a changing environment and industry adjustments. And thirdly, former master licensing contracts have been renewed as non-master licensing contracts and these have an impact on sublicensing revenue falling away this year.

For the year, the company expects total revenue on a year-over-year basis to decline by around mid-single digit. While all the factors also apply, they do expect to see a recovery from these factors in the second half. In addition, for the full year, they expect to be able to grow online music subscribers in terms of subscribers by approximately 20% on a year-over-year basis. That translates to an average quarterly net adds in online music subscribers to be between 3.5 million to 4 million.