On March 22, Tencent Music Entertainment Group (hereinafter referred to as "Tencent Music") issued an announcement announcing executive changes. Due to personal reasons, Xie Zhenyu has resigned as the company's president, chief technology officer and other related positions, and has resigned as a group director, but he will continue to serve as a consultant to the company. At the same time, the company's board of directors has appointed Chief Financial Officer Hu Min as a group director. The position changes for both will be effective March 31, 2024. The
announcement shows that Hu Min has more than 20 years of comprehensive experience in financial management, capital operations, operations management, mergers and acquisitions, internal control, internal auditing and other financial fields. Before joining Tencent Music, Ms. Hu held various financial director positions in Tencent Business Group from 2007 to 2016. Before joining Tencent, Ms. Hu served as the Director of the Internal Audit Department of Huawei Technologies Co., Ltd. Today, as the chief financial officer of Tencent Music, she is responsible for the group's finance, corporate IT, administration and other related work.
Hu Min
According to the official website of Tencent Music, Xie Zhenyu founded Kugou Music in 2004 and has been committed to the innovation of Internet technology and the development of the digital music industry for more than ten years. Before founding Kugou Music, Xie Zhenyu founded Sohu.com in 2001. From 1998 to 2001, Xie Zhenyu worked at China Merchants Bank as a senior technical engineer.
public information shows that Xie Zhenyu, a native of Guangdong, is a 1993 alumnus of Zhixin Middle School. He graduated from Sun Yat-sen University in 1997 and received a bachelor of science degree in computer software. In 2000, he resigned from China Merchants Bank, took tens of thousands of yuan in savings, and founded the "Soulu" music network, officially joining the wave of Internet entrepreneurship. "Search" is the earliest professional music search engine in China. Xie Zhenyu founded Kugou Company in 2003. One year later, the first version of Kugou Music was born. Under the leadership of Xie Zhenyu, Kugou developed rapidly and became one of the most popular music players in China. On January 24, 2017, Kugou merged to become a business platform under Tencent Music Entertainment Group.
Xie Zhenyu
Regarding this personnel change, Tencent Music Executive Chairman Peng Jiaxin said: "On behalf of the group and the board of directors, I would like to express my sincere gratitude to Zhenyu for his continuous contribution to the company. Zhenyu has been committed to innovation and innovation in the digital music industry. Development, leading the team to continuously achieve breakthroughs, these efforts have greatly improved tme's product appeal and user experience. Thank Zhenyu for his contribution to the development of tme, and wish him all the best in the future. At the same time, we are also very happy Welcome Hu Min to the board of directors."
It is reported that Tencent Music just released its fourth quarter and full-year results for 2023 a few days ago. Total revenue in the fourth quarter and full year fell year-on-year, but net profit maintained a year-on-year growth trend. . Among them, the social entertainment services and other service revenue sectors have seen relatively obvious revenue declines in the fourth quarter and the full year, which has affected the growth of total revenue. However, online music subscription revenue was 12.1 billion yuan, a double-digit performance, a year-on-year increase of 39.1% compared to 8.70 billion yuan in 2022. In 2023, the net increase in the number of online music paying users in the four quarters totaled 18.2 million, far exceeding the 12.3 million in 2022.
Written by: Nandu reporter Xu Bingqian
