What's Going On With Tencent Music Entertainment Shares On Thursday?

Lekha Gupta

October 17, 2024

Tencent Music Entertainment Group (NYSE:TME) shares are trading lower on premarket Thursday. The company disclosed a strategic partnership with Galaxy Corporation, which represents global musician G-Dragon, for his upcoming regional tour.

Under this agreement, TME will serve as the exclusive tour partner for G-Dragon’s concerts in multiple regions, including Southeast Asia, the Middle East, Hong Kong, Macao, Taiwan, Australia, and New Zealand.

This collaboration is expected to enhance the company’s global presence and strengthen its position in the international music industry.

Notably, TME is expanding its international presence through initiatives like the Global Music Outreach program, promoting Chinese artists globally, and operating the JOOX streaming service in Southeast Asia.

TC Pan, Group Vice President of Tencent Music Entertainment, said, “Collaborating with a renowned global musician like G-Dragon aligns perfectly with TME’s vision of connecting international audiences with exceptional music experiences.”

Yongho Choi, CEO of Galaxy Corporation, stated, “Building on this strategic partnership, we plan to integrate AI, AR, mixed reality, and robotics into entertainment to create a new kind of concert experience for global audiences.”

The company will report third-quarter results on November 12, 2024.

Investors can gain exposure to the stock via Litman Gregory Funds Trust Polen Capital China Growth ETF (NYSE:PCCE) and Global X Social Media ETF (NASDAQ:SOCL).

Price Action: TME shares are down 1.90% at $11.90 premarket at the last check Thursday.

Photo by Antonio Gravante via Shutterstock

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