Tencent Music Entertainment (TME), the music streaming service backed by Tencent, announced on Monday that its revenue decreased by 15.1% year-on-year to RMB 6.6 billion ($982 million) in the first quarter of 2022. The company recorded a net profit of RMB 649 million in the first quarter, a decrease of 33% from the RMB 979 million recorded in the same period last year. Revenues from music subscriptions, however, reached RMB 1.9 billion, an increase of 17.8% year-on-year. Along with an industry-wide crackdown on Chinese tech firms, TME faces headwinds after regulators stripped the company of its exclusive contracts with major music labels in 2021, heightening competition with rivals like NetEase Cloud Music. [Tencent Music press release]