Panther 1995 Movie Streaming

[Saurabh Cloudas]

DomCapers has a long history with the Carolina Panthers. Capers was the first head coach of the Panthers Inaugural 1995 season leaving the team in 1998. As Senior Defensive Assistant, Capers rejoins the panthers and shares some of his history with the Carolina team.

The deal is the latest in the media industry that's aimed at boosting streaming services to compete against Netflix and Disney+. AT&T and Discovery announced last week that they would combine media companies, creating a powerhouse that includes HGTV, CNN, Food Network and HBO.

A report by the House Judiciary Committee in October called for a possible breakup of Amazon and others, making it harder for them to buy other businesses and imposing new rules to safeguard competition.

Amazon, founded in 1995 as an online bookstore, has become a $1.6 trillion behemoth that does a little bit of everything. It has a delivery business network that gets orders to people in two days or sooner; sells inhalers and insulin; has a cloud-computing business that powers the apps of Netflix and McDonald's; and has plans to send more than 3,200 satellites into space to beam internet service to Earth.

"We started 2023 with great momentum as our strategic emphasis on quality growth propelled a strong increase in our online music revenues. We are pleased to see that the revenue size of our online music services has now caught up with social entertainment services for the first time. This signifies that our long-term commitment to developing a sustainable online music business model is bearing fruit. Our total revenues experienced healthy growth in the first quarter, while our focus on efficiency optimization also drove robust net profit growth," said Mr. Cussion Pang, Executive Chairman of TME. "We are glad to achieve a record-high online music paying ratio and expand ARPPU for the fourth consecutive quarter. The broad appeal of our innovative advertising formats and expanded monetization toolbox have been driving our performance. During the quarter, we deepened partnerships with top music labels and artists to further enrich both our iconic music catalogues and vertical content offerings. We continued to foster creativity and nurture artists through a rich variety of support programs, stage performances and monetization opportunities, all of which are dedicated to amplifying the influence of musicians and their works. Furthermore, to capitalize on the public's growing demand for in-person activities, we kept exploring innovative means of interaction and monetization, while broadening our presence in the offline entertainment realm via TME Live, our online-merge-offline performance brand. Looking ahead, we will continue to prioritize high-quality growth and business development that create long-term value for our stakeholders and promote the healthy, vibrant advancement of the music industry."

"We take pride in fostering a community of passionate music lovers on our platform. To better serve their evolving needs, we further refined users' music consumption experience in the first quarter by expanding our premium sound quality and effects to more scenarios and providing more personalized listening experiences. These efforts drove a continuous growth of average daily time spent per daily active user," said Mr. Ross Liang, CEO of TME. "Audio live streaming has become an important growth driver for our ecosystem. We are leveraging our differentiated content and interactive features to fuel its further advancement, which not only enhances user experience but also attracts more vibrant audio anchors. This, in turn, benefits our musician ecosystem by incubating talented artists, showcasing their skills and helping them reach a wider audience. In addition, through ongoing exploration of large language models (LLMs), we have invigorated our platform ecosystem with a broader range of AI-generated content (AIGC) applications. This endeavour allows us to improve musician's efficiency in the key steps of music production as well as to provide users with a more dynamic and interactive user experience. These innovations are designed to further enrich our platform's content, creating tremendous opportunities for us to meet users' diverse and nuanced music tastes and social needs in new and exciting ways."

As we further enhanced our monetization capabilities, revenues from online music services delivered robust growth of 33.8% year-over-year to reach RMB3.50 billion (US$510 million) in the first quarter of 2023. Revenues from music subscriptions for the first quarter grew by 30.4% year-over-year to RMB2.60 billion (US$378 million), propelled by the rapid expansion of both online music paying user base and ARPPU. Specifically, the number of online music paying users increased by 17.7% year-over-year to 94.4 million, which took online music paying ratio to a record high at 15.9%; while ARPPU expanded to RMB9.2, marking its fourth consecutive quarter of growth. The increases in both paying users and ARPPU were primarily attributable to our optimized content operations, increased user willingness to pay for premium features such as sound quality and effects, and more effective promotions. In addition, our Internet of Things ("IoT") service also delivered good results as more customers started to adopt our service, which gives us more monetization opportunities as we keep expanding use cases and service offerings.

Revenues from online music services other than subscriptions for the first quarter recorded robust year-over-year growth. Advertising revenues achieved notable growth year-over-year, primarily due to a lower revenue last year caused by the COVID-19 impact, as well as increasing interest from advertisers in our innovative advertising formats and an improved macro environment. Advertising spend by advertisers in the e-commerce, games, travel, and food and beverage verticals increased year-over-year, while revenues from ad-supported mode surged as more users adopted the model. In addition, during the first quarter, we attracted many brand advertisers, such as PepsiCo, YangYuanQing and JD.com to sponsor TME Live events. We also launched artist merchandise for well-known artists such as Allen Ren, Lu Han and Justin Huang,[2] with items including collection cards, action figures and T-shirts, among others. Our long-form audio is gaining popularity with an increasing number of trending releases, leading to healthy revenue growth on a year-over-year basis.

Revenues from social entertainment services and others for the first quarter of 2023 decreased by 13.0% year-over-year to RMB3.50 billion (US$510 million). To adapt to the changing environment, we focused on increasing our competitiveness through ongoing product innovation and new initiatives in social entertainment services, such as audio live streaming, real-time interactive experiences and international expansion.

Revenues from audio live streaming in the first quarter of 2023 increased year-over-year as we provided differentiated content and interactive features. We also strove to build a growth path for more live streaming performers, further tapping into their potential, while strengthening their connection with users, and thereby cultivating users' willingness to consume and pay for content. In the first quarter, the number of performers in audio live streaming continued to grow year-over-year and quarter-over-quarter. For WeSing, based on our multi-person singing and chat rooms in both video and audio settings, we upgraded our chorus feature to support a chorus of 1,000 people, further enriching our platform's chorus scenarios and immersive experience while driving a year-over-year increase in our singing rooms' penetration rate for the fifth quarter in a row. Revenues from overseas business increased year-over-year in the first quarter with our ongoing expansion through both organic growth and M&A.

Cost of revenues for the first quarter of 2023 decreased by 2.0% year-over-year to RMB4.69 billion (US$683 million). The decline in revenues from social entertainment services led to a decrease in revenue sharing fees, which was the primary reason for the overall decrease in cost of revenues on a year-over-year basis, partially offset by the increase in content costs of royalties and higher payment channel fees.

Gross margin for the first quarter of 2023 increased 5.1 percentage points to 33.1% from 28.0% in the same period of 2022, primarily due to the strong growth of revenues from music subscriptions and advertising services, and our effective control and optimization of content costs, as well as improved operational cost efficiency.

We remain committed to fulfilling our social responsibilities. We launched a caring program, "If Music Has a Shape," to raise awareness about autism. The program invited more than 50 groups of singers and musicians from China and abroad to perform in our program and share their love, including Joker Xue, Sean Xiao and TIA RAY. We also debuted the caring through music theme song "Secrets Hidden in the Stars," sung by LUCY, our first hyper-real virtual pop idol.

This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8676 to US$1.00, the noon buying rate in effect on March 31, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

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