In Tencent Music's latest quarterly earnings report, profits were up 28% thanks to a growing subscriber base.
Group said on Monday that higher than expected subscriber growth pushed its first quarter profits up 28% to RMB1.53 billion .Through marketing promotions timed around the Chinese New Year holiday, TME was able to add nearly 7-million-net new subscribers in the quarter—the most it has ever added in a single quarter—helping drive a nearly 40% increase in music subscription revenues of RMB3.62 billion .said in a statement.
Tencent Music had 113.5 million paying subscribers as of March 31 — roughly half the number of subscribers its more global competitor Spotify has. Still total revenues fell 3.4% compared to last year to RMB6.77 billion due to another quarter of declining social entertainment services revenues.Social Entertainment services has seen declining revenue since TME scrapped a popular livestreaming service amid concerns it could be exploited for gambling.
The impact of declining social entertainment division revenues was blunted by a 43% increase in online music division revenue, which totaled RMB5.01 billion and was driven by music subscription and advertising services revenues. Monthly average users to TME’s online music platform ticked down 2.4% to 578 million, but the money TME earns from paying users to its site rose. In the first quarter, TME earned 10.6 RMB , up 15.2% from 9.2 RMB in the year-ago quarter, in monthly average revenue for each paying user of its online music service.‘American Idol’: Top 3 Finalists Selected For 2024 FinaleFans Choose RM’s ‘Come Back to Me’ as This Week’s Favorite New Music in All-Genre Poll.
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