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Tencent Music Entertainment reported a 35% uptick in profit on Tuesday after the Chinese music streamer added 2 million subscribers over the third quarter.
TME reported net profit for the third quarter of RMB1.71 billion ($244 million), and total revenues of  RMB7.02 billion ($1 billion)–increases of 35.3% and 6.8% respectively from the third quarter last year. Music subscription revenue grew by more than 20%, which offset the continued decline in social entertainment services revenue TME has seen for more than a year.

“This quarter’s robust music subscription performance, with better-than-expected net subscriber additions and an expanding ARPPU, highlights the effectiveness of our balanced approach to achieve growth, which is important to drive paying user base expansion in the coming years,” TME’s chief executive officer Ross Liang said in a statement.

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TME added 2 million new paying users during the third quarter to bring its total number of subscribers to 119 million, which drove a 4.9% expansion of the company’s monthly average revenue per paying user (ARPPU). That metric now stands at RMB 10.8 ($1.50). Music subscriptions revenue grew to RMB3.84 billion ($547 million) representing 20.3% year-over-year growth.

The company’s gross margin — the percentage of company revenue that remains after expenses are taken out — rose to 42.6% from 35.7% in the year-ago quarter, thanks to increased revenues from subscriptions and advertising.

Notably, TME said its number of SVIP subscribers — a premium tier that costs five times more than the regular version — topped 10 million in the quarter ending Sept. 30.

Tencent Music executives said partnering with Galaxy Corporation this quarter for K-pop icon G-Dragon upcoming tour boosted its content offerings with audiences.

G-Dragon released his first single in seven years, “POWER,” in October ahead of his tour of Southeast Asia, the Middle East, Hong Kong, Macao, Taiwan, Australia and New Zealand.

TME’s stock was trading at $10.46, down 9.48% at 10:25 a.m. in New York. TME’s stock has declined by nearly 18% in the past month, but is still up 19.7% year to date.

Concert promoter Live Nation turned its busiest summer concert season ever into an all-time financial haul. With the number of shows up 13% and fan attendance up 3%, adjusted operating income (AOI) reached a record $909.8 million, up 4% from the prior-year period, the company announced Monday (Nov. 11). 
The third quarter benefitted from a heavy schedule in Live Nation’s owned and operated amphitheaters, which can generate ancillary income from food, beverage and parking. As a result, AOI increased even though revenue of $7.7 billion was 6% short of the $8.15 billion generated in the third quarter of 2023. Net income fell 13.4% to $451.8 million.

“We wrapped up our most active summer concert season ever, our show pipeline has never been bigger, and brand sponsorships are accelerating,” said CEO Michael Rapino in a statement. 

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The concerts division had a record AOI of $474.1 million, up 39% year-over-year, on revenue of $6.58 billion, down 6%. Venue Nation, the venue operation division, saw a double-digit increase in on-site spending per fan at major festivals and a 9% increase in per-fan spending at amphitheaters. Live Nation hosted 112 million fans globally in the quarter, up 3%, which more than compensated for a 30% decline in stadium attendance. 

The change in venue mix — fewer high-priced stadium tickets, more lower-priced amphitheater seats — caused Ticketmaster revenue to drop 17% to $693.7 million and AOI to fall 33% to $235.7 million. Sponsorship and advertising AOI grew 10% to $275 million on revenue of $390 million, up 6%. That revenue growth came mainly from a 20% increase in the number of strategic partners that generated more than $1 million of sponsorship and advertising revenue. The division added such brands as American Apparel, Wrangler, Ultra Beauty and American Eagle in Mexico to global festivals.

“As we look toward an even bigger 2025, we have a larger lineup of stadium, arena and amphitheater shows for fans to enjoy,” said Rapino. “Momentum continues to build, as we expand the industry’s infrastructure with music-focused venues to support artists and reach untapped fan demand across the globe.” 

Ticket sales in September and October were up 20% year over year, and Live Nation has already sold more than 20 million tickets for concerts in 2025, a double-digit increase. Recent stadium ticket on-sales — including Coldplay, Rüfüs Du Sol and Shakira — saw double-digit growth in gross sales compared to past tours. 

Venue Nation expects to host about 60 million fans in 2024, up 8% from 2023; it will benefit from VIP enhancements at Northwell at Jones Beach amphitheater in New York, Estadio GNP in Mexico City and others. At Northwell at Jones Beach, for example, season seat and box suite sales are up 50%, VIP club sales are up 50%, and per-fan food and beverage spending is up double-digits. 

Following the announcement, which came after the markets closed on Monday, Live Nation shares rose 5% to $130.00 in after-hours trading.

Sony Music revenue grew 10% year-on-year to 448.2 billion yen ($2.9 billion) last quarter, as hit records by SZA, David Gilmour and Travis Scott, coupled with higher sales from live shows and merchandise, helped boost growth in both recorded music and music publishing.
For its fiscal second quarter ended Sept. 30, Sony Music — comprising Sony Music Entertainment, Sony Music Entertainment Japan and Sony Music Publishing — reported quarterly operating income of 90 billion yen ($589 million), a 12% rise on the same period a year ago.

Adjusted operating income before depreciation and amortization (OIBDA) climbed 15% year-on-year, totaling just under 112 billion yen ($733 million), Sony Music’s parent company, Sony Group Corp., reported Friday (Nov. 8).

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The company said growth in revenue from streaming subscriptions, live events and merchandise from recorded music, as well as the impact of foreign exchange rates were among the key drivers of its positive quarterly financial results. They bring Sony Music’s half-year earnings up to 890.2 billion yen ($5.8 billion), up 16% year-on-year, with a half-year operating income of 176 billion yen ($1.1 billion). 

Breaking down Sony Music’s quarterly earnings, recorded music revenue increased 14% year-on-year to 290 billion yen ($1.9 billion), with subscription and ad-supported streaming up 9% to 189 billion yen ($1.2 billion), accounting for around 65% of the firm’s recorded music earnings.

Physical revenue jumped 22% year-on-year to 25 billion yen ($164 million), while Sony’s “other” category — which includes revenue from merchandise, live performances and licensing revenue from synch, public performance and broadcast — was up 33% to 68 billion yen ($446 million).

SZA’s blockbuster album SOS, which has broken numerous chart records since it was first released in December 2022, including overtaking Aretha Franklin’s Aretha Now as the longest-running chart topper of the Top R&B/Hip-Hop Albums tally, was Sony Music’s top seller of the quarter.

In second place was Gilmour’s first studio album in nine years, Luck and Strange, which debuted at No. 10 on the Billboard 200 earlier this year. Other top sellers for Sony Music in the three month period included Scott’s UTOPIA, Future & Metro Boomin’s WE DON’T TRUST YOU, Beyoncé’s COWBOY CARTER, Harry Styles’ Harry’s House and Luke Combs’ This One’s for You. The one title in the top 10 from outside this decade was Michael Jackson’s Thriller, the 1982 classic co-produced by Quincy Jones, who passed away on Sunday (Nov. 3). 

On the music publishing side, Sony Music reported revenue of 92 billion yen ($604 million), up 11% year-on-year. The company said the strong performance of its publishing arm was led by strong gains in streaming income, which rose 9% to just under 53 billion yen ($347 million). Publishing’s “other” category grew by around 13% year-on-year to 38.6 billion yen ($253 million). The company disclosed that as of March 31, its publishing division either owned or administered approximately 6.24 million songs.

Visual media and platform sales, which includes revenue from animation titles, game applications and service offerings for music and visual products, fell slightly to 62 billion yen ($407 million), down 1% on the same period last year.  

Sony Music said its forecast for full-year revenue was unchanged from the previous quarter with projected sales of 1.74 trillion yen (approximately $11.4 billion) and projected operating income of 330 billion yen ($2.2 billion).

Sony Music’s fiscal second quarter highlights:

▪Revenue of 448 billion yen ($2.9 billion), up 10% year-on-year▪Adjusted operating income of 112 billion yen ($733 million), up 15%▪Recorded music revenue increased 14% year-on-year to 290 billion yen ($1.9 billion)▪Music publishing revenue of 92 billion yen ($604 million), up 11%▪Visual media and platform revenue of 62 billion yen ($407 million), down 1%

South Korean K-pop giant HYBE said its net profit basically evaporated in the third quarter and total revenue slipped 2% after after the company earned less from concerts and saw reduced music sales, according to results published on Tuesday (Nov. 5).
HYBE’s net profit for the third quarter was 1.444 billion won ($1.05 million), a figure 98.6% lower than the third quarter of 2023 when the company reported of 99,690 billion won ($72.3 million). Total revenue for the third quarter of 527.9 billion won ($382.6 million).

HYBE’s biggest release of the quarter was the debut album, SIS, from KATSEYE, a six-member girl group formed over the summer as part of The Debut: Dream Academy, which spent two weeks on the Billboard 200, the company said.

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HYBE’s direct revenue — which comes from its recorded music business, concerts, and things where artists are directly involved — fell by 15.5% to 323 billion won ($234 million). Revenue from its recorded music division declined by nearly 19% to 214.5 billion won ($155.5 million), while concert revenue fell nearly 15% to 74 billion won ($53.6 million). Revenue from ads and appearances rose by nearly 10% to 34.5 billion won ($25 million).

HYBE’s business lines that operate independently of their artists — like merchandising and sync licensing — performed much better, with revenue from artist-indirect involvement business lines rising by 32% to nearly 205 billion won ($148.5 million). Revenue from merchandise and licensing song rights rose by nearly 16% to 99 billion won ($71.9 million), contents revenue rose 64% to almost 80 billion won ($58 million) and fan club revenue rose by more than 23% to 26 billion won ($18.8 million).

The company’s operating profit margin saw significant improvement — up 4% — from the first quarter this year to 10.3% for the third quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of HYBE’s profit from its operations, fell by 16.4% to 81 billion won ($58.7 million).

HYBE has had an eventful few months. In July, the company appointed Jason Jaesang Lee as its new CEO and announced its “HYBE 2.0” growth strategy, which reorganizes the company, pushes a global expansion and focuses on tech-driven initiatives.

The company has also been embroiled in a dispute with Min Hee-jin, ex-CEO of the company’s label subsidiary ADOR — home to chart-topping girl group NewJeans — regarding HYBE’s claim that Min tried to take control of ADOR and NewJeans.

Strong subscription revenue, improved margins and successful new releases by Sabrina Carpenter, Chappell Roan and Post Malone helped Universal Music Group (UMG) post revenue of 2.87 billion euros ($3.16 billion) in the third quarter, up 4.3% year-over-year (4.9% at constant currency).
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached 621 million euros ($683 million), up 8.2% from the prior-year period. The Amsterdam-based company’s adjusted EBITDA margin improved to 21.6% from 21.1% in the prior-year quarter and was helped by cost savings from the organizational redesign announced in February and lower A&R and marketing costs, CFO Boyd Muir said during Thursday’s (Oct. 31) earnings call. 

If not for a one-time gain in the prior-year quarter, the revenue growth rate would have been 7.6% and adjusted EBITDA growth would have improved to 10.8%. Last year, Universal Music Publishing Grou (UMPG) recognized the accrual of a catch-up payment from the Copyright Royalty Board (CRB) Phonorecords III ruling. That resulted in revenue of 53 million euros ($58 million) and added 11 million euros ($12 million) to UMPG’s adjusted EBITDA. 

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UMG had a typically strong quarter of chart-topping new releases. CEO Lucian Grainge noted during the call that Carpenter’s album Short n’ Sweet, released on Aug. 23, went to No. 1 in 15 countries and topped the Billboard 200 albums chart in the U.S. for four non-consecutive weeks. Elsewhere, Roan’s The Rise and Fall of a Midwest Princess topped Billboard’s Album Sales Chart in September, while Malone’s latest album, F-1 Trillion, debuted at No. 1 on the Billboard 200 and also summited the Top Country Albums chart. Island also has a top 10 hit song in the U.K. with Gigi Perez’s “Sailor Song,” which peaked at No. 28 in the U.S.

The recorded music division improved 5.4% to 2.15 billion euros ($2.36 billion) on the strength of a 7.6% improvement in subscription revenue. Other streaming revenue, however, dropped 0.8% (up 0.3% at constant currency) to 354 million euros ($389 million). Physical sales dropped 2% to 288 million euros ($317 million) while licensing revenue jumped 20.4% to 325 million euros ($357 million). Subscription growth was negatively affected by “just over a percentage point” from “ongoing challenges” in the home fitness subscription market and the departure of the record label 10K Projects to Warner Music Group, said Muir. Lower CD sales in Japan were partially offset by strong vinyl sales, he added, especially in the U.S.

Muir affirmed UMG’s previously announced guidance of an 8% to 10% compound annual growth rate for recorded music subscription revenue through 2028. UMG may not always hit that target range in any given quarter, however, and Muir reminded listeners that the fourth quarter marks one year since a Spotify price increase that has helped UMG — and other record labels — experience a surge in year-over-year subscription growth.

UMPG improved 1.8% (2.2.% at constant currency) to 500 million euros ($550 million). Excluding the CRB accrual, publishing revenue was up 22.4% (22.9% at constant currency). Digital revenue grew 0.3% to 295 million euros ($324 million), synchronization royalties jumped 18.5% to 64 million euros ($70 million) and mechanical revenue climbed 12% to 28 million euros ($31 million). Performance royalties fell 4.7% to 101 million euros ($111 million). 

UMG’s Bravado merchandise division had revenue of 237 million euros ($261 million), up 4.4% from the prior-year period. The company attributed the growth to stronger direct-to-consumer sales and higher touring merchandise sales. In the U.S., Bravado benefitted from the touring activity of such artists as Slipknot, Imagine Dragons, Nicki Minaj, blink-182 and Malone, according to Muir.

French music streaming company Deezer’s revenue increased 11.0% (13.0% at constant currency) to 134.0 million euros ($147.3 million) in the third quarter, the company announced Wednesday.
That was slightly slower than the 15% growth rate in the second quarter and first quarter but ahead of the 7.4% revenue growth the company posted in calendar 2023. 

Partnerships accounted for most of the quarter’s improvement by growing 21% to 41.5 million euros ($45.6 million). Deezer powers music streaming services for such companies as Germany’s RTL and Argentinian e-commerce company Mercado Libre. Through partnerships, Deezer offers its branded service to the likes of DAZN, a sports streaming platform, and Mexican mobile carrier WIM, whose customers get a 20% discount on Deezer Premium. 

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Subscriber growth was helped by the conversion of “the first cohort of MeLi+ subscribers from trial accounts to premium accounts with higher margins,” said CEO Alexis Lanternier during Thursday’s earnings call. Also, Lanternier added, the Mercado Libre partnership, which provides 12-month trials, has produced results “higher than our initial expectations.” 

Revenue from France was 78.5 million ($86.3 million) and 58.6% of total revenue, down from 59.4% in the prior-year period. The rest of the world generated revenue of 55.5 million euros ($61 million). The “other” category was 6.7 million euros ($7.4 million), up 63.8%, in part due to new verticals such as its wellness app, Zen. 

The growth in France and contraction in the rest of the world is part of the plan, said CFO Carl de Place. “The strategy has been to improve the profitability and moving to positive profitability for Deezer, which has made us be more selective in the way we invest, in terms of marketing and making sure we invest in markets where we can see that the return on the investment is positive for for this. So that’s the reason why we are growing in France and over the rest of the world has been declining.”

Direct subscribers represent the majority of Deezer’s business but grew at a slower 4% to 85.8 million euros ($94.3 million). The number of direct subscribers rose 4.1% to 9.9 million; 5.2 million of them came from Deezer’s home market of France while the rest of the world produced 1.8 million subscribers, down from 2.0 million in the prior-year period. Deezer’s subscriber base took a hit because the company removed 400,000 “inactive family accounts,” but the company explained that the move had no impact on revenue and benefitted gross margin. 

Despite the positive momentum in the quarter, the company chose to maintain its guidance from the previous quarter. Deezer forecasts 10% revenue growth in 2024 and expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to improve to a loss of 10 million euros ($10.9 million) and plans to have positive free cash flow. 

Deezer was among the first music streaming platforms to raise prices in 2022 and did so again in 2023. There will be “potential for price increases” as Deezer continues to “upgrade the experience to add value to the user,” said de Place. 

Following the release of third-quarter earnings after the market’s close on Wednesday, Deezer’s share price was practically unchanged, falling just 0.4% to 1.345 euros ($1.46) on Thursday. Year to date, Deezer’s stock price has fallen 36% from 2.095 euros ($2.27) per share. 

Deezer’s third quarter financial metrics:

Revenue: up 11% to 134 million euros ($147.3 million)

Total subscribers: up 4.1% to 9.9 million

Direct subscribers: down 1.4% to 5.2 million

Partnership subscribers: up 11% to 4.7 million

Direct subscriber average revenue per user (ARPU): up 5.8% to 5.40 euros ($5.90)

Partnership subscriber ARPU: down 4.7% to 2.80 euros ($3.10)

SiriusXM reported a 4% decline in revenue and a nearly $3 billion net loss last quarter after it completed a financial maneuver that was aimed at simplifying its publicly traded stock, the company reported on Thursday.
The $2.96 billion quarterly net loss stemmed from a $3.36 billion non-cash impairment charge, a type of accounting expense the means an asset’s value on the company’s balance sheet was written down. When SiriusXM merged with Liberty Media’s tracking stock in September, Liberty Media valued the company’s goodwill based on a sustained lower stock price.

The charge does not impact on SiriusXM’s cash flow. However, lower subscriber revenue and softer-than-projected advertising revenue in the second half of this year caused the company to trim its 2024 revenue goal to $8.675 billion from $8.75 billion targeted earlier in the year.

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SiriusXM’s stock price was down 3.27% at $26.50 as of 11:20 a.m. in New York.

The company reported total third quarter revenue fell 4% to $2.17 billion, and adjusted earnings before interest, taxes, depreciation and assets (EBITDA) fell 7% to $693 million, representing a 32% margin, compared to the year-ago quarter.

Tom Barry, SiriusXM’s chief financial officer, described seeing green shoots from the company’s investments in its subscription business and content, including 14,000 more net self-pay subscribers and a 6% increase in podcast advertising revenue.

“We are focused on executing our long-term strategy of strengthening our subscription business, enhancing our advertising offerings, and optimizing costs as we reinvest in the business,” Barry said in a statement.

The growth in self-pay subscribers due to lower churn reversed the contraction the company saw in the third quarter last year when it lost 96,000 subscribers. SiriusXM’s average revenue per user fell $0.53 to $15.16 due to a “higher proportion of subscribers on self-pay promotional and streaming-only plans,” the company said.

Known for its in-car satellite radio subscriptions, SiriusXM launched a new in-car subscription priced at $9.99 for just SiriusXM’s music channels. The company reported seeing podcast and on-demand listeners increasing on the app it rolled out last year.

The company invests heavily in its content. In the third quarter, SiriusXM signed an exclusive deal with “Call Her Daddy” host Alex Cooper and launched shows with former U.N. Ambassador Nikki Haley, Gen Z political commentator Dylan Douglas, and the beloved former football coaches Jimbo Fisher and Bill Belichick.

Revenue from the company’s Pandora and off-platform business segment slipped 1% to $544 million as Pandora Plus and Pandora Premium’s self-pay subscriber-based declined by 76,000 to 5.9 million. The company said the decline stemmed from fewer trial starts and churn after the price of certain plans was hiked.

Reservoir Media raised its outlook for the coming year and delivered mid-single-digit growth thanks to strong gains in digital and synchronization revenues.
The New York-based company’s revenue increased 6% to $40.7 million in the fiscal first quarter ended Sept. 30, the company announced Wednesday (organic growth that excludes the impact of acquisitions was 5%). Adjusted earnings before interest, taxes, depreciation and amortization climbed 11% to $17.6 million.  

Music publishing revenue jumped 10% to $28.6 million due mainly to catalog acquisitions and price increases at digital streaming services. Digital revenue grew 22% to $15.6 million and synchronization royalties increased 30% to $5.8 million as film and TV licensing is “getting back to pre-strike levels,” said CEO Golnar Khosrowshahi during Wednesday’s earnings call. Performance revenue fell 22% to $5.1 million, due to “the timing of hits songs,” the company said. Mechanical royalties dropped 13% to $1.1 million. 

Recorded music revenue fell 1% to $10.7 million. Reservoir attributed the year-over-year decline to the reissue of rap icons De La Soul’s physical catalog in the prior-year period. Recorded music physical revenue sank 21% to $1.5 million. Digital revenue fell 0.1% to $7.2 million. Neighboring rights revenue jumped 35% to $1.1 million and synchronization royalties rose 3% to $900,000. 

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Last quarter, Reservoir licensed of Snoop Dogg’s publishing catalog and Snoop-owned Death Row Records, and signed deals with Canadian singer-songwriter k.d. lang, country writer-producer Travis Heidelman, songwriter Jon Decious, writer-producer Kes Kamara and writer-producer Ben Stancombe. The company also purchased the publishing catalog of Billy Strange (“A Little Less Conversation,” “Clean Up Your Own Backyard”) and acquired the royalties of Jack Douglas, who produced hits for such artists as Aerosmith and Cheap Trick. 

“As we look forward to the second half of fiscal 2025 our pipeline continues to remain strong, with over $1 billion in transactions under consideration at attractive entry multiples,” said Khosrowshahi. Reservoir is looking at opportunities with “better multiples,” she added, “but I still continue to see a substantial number of transactions trading at high-teen multiples. And I think the long-term value of these assets is recognized, thus warranting these multiples.”

Reservoir slightly increased guidance for the full fiscal year. Revenue to a range of $150-153 million (from $148-152 million) and adjusted EBITDA to $59-$62 million (from $58-61 million). 

Shares of Reservoir Media were up 0.3% to $8.81 by midday after jumping as high as $9.09, just shy of the stock’s 52-week high of $9.20. 

Fiscal first quarter of 2025 financial metrics for Reservoir:

Revenue: up 6% to $40.7 million

Adjusted EBITDA: up 11% to $17.6 million

Net income: down 78% to $200,000

Publishing revenue: up 10% to $28.6 million

Recorded music revenue: down 1% to $10.7 million

After a year of playing host to more than 960 live events and 6.3 million ticket holders, Madison Square Garden Entertainment Corp. said on Friday revenues rose 13% in its first full year since spinning off from the Sphere.
Last April, MSG spun off from MSG Sphere, the next-generation music venue in Las Vegas, leaving behind the rest of its live events business under the company name MSG Entertainment. MSGE includes venues such as Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, an entertainment and sports booking business, the Radio City Rockettes and the Christmas Spectacular production, and long-term arena license agreements with New York Knicks and New York Rangers, which play their home games at Madison Square Garden.

Executives attributed this year’s revenue growth to a record number of shows at the Garden in the fourth quarter, which included Billy Joel‘s 150th show at Madison Square Garden and two sold-out shows by the breakout singer songwriter Noah Kahan, and said they expect even more next year.

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“The world’s most famous arena ended the year on a particularly strong note with robust year over year growth in the number of concerts in fourth quarter,” MSG Entertainment chief financial officer Mike Grau said on a call with investors. “This reflects our efforts to increase venue utilization within the Knicks and Rangers playoff window, as well as our success in attracting acts that are headlining the Garden for the first time.”

A majority of events at the company’s venues sold out in the quarter and saw higher per capita spending on food, beverage and merchandise. Grau said a higher number of shows in the coming fiscal year are expected to boost the company’s adjusted operating income by high-single to low double-digit percentage increase.

MSG Entertainment reported revenues of $959.3 million for the full fiscal year ending June 30, up 13% from fiscal year 2023. It reported an operating income of $111.9 million, up $6.9 million, and adjusted operating income of $211.5 million, up $9.9 million, both compared to fiscal 2023.

On a quarterly basis, the company’s $186.1 million in revenue for the fourth fiscal quarter of 2024 was up 26% from the year-ago quarter. MSG recorded an operating loss of $8.9 million in the quarter and adjusted operating income of $13.1 million, both improvements over the prior year’s quarter.

Revenues from food, beverage and merchandise sales in the fourth fiscal quarter rose 48% to $34.7 million compared to the prior year period. 

Tencent Music Entertainment’s stock fell by 15% on Tuesday after declines in the leading Chinese music streamer’s quarterly revenue and monthly active users overshadowed higher profit and paid subscriber gains. TME’s revenues of RMB7.16 billion ($985 million) edged 1.7% lower this quarter from the year-ago quarter, and monthly active users for online music services fell […]