Tencent Music Q1 Net Profit Increases – Revenues Up 39.2% From Music Subscriptions

SHENZHEN, CHINA (CelebrityAccess) – Tencent Music Leisure Group (TME), considered one of China’s main on-line music and audio leisure platforms, at present introduced its monetary outcomes for the primary quarter ended March 31, 2024. It declared its annual money dividend for the 12 months ended December 31, 2023.

First Quarter 2024 Monetary Highlights

• Whole revenues have been RMB6.77 billion (US$937 million), representing a 3.4% year-over-year lower. This was primarily as a result of decline in revenues from social leisure companies and others, which was partially mitigated by sturdy year-over-year progress in revenues from on-line music companies.
• Revenues from music subscriptions have been RMB3.62 billion (US$501 million), representing 39.2% year-over-year progress. The variety of paying customers elevated by 20.2% year-over-year to 113.5 million. Sequentially, the variety of paying customers grew by 6.8 million, the most important quarter-over-quarter internet enhance thus far.
• Web revenue was RMB1.53 billion (US$212 million), rising 27.5% year-over-year. The online revenue attributable to the Firm’s fairness holders was RMB1.42 billion (US$197 million), rising by 23.9% year-over-year. Non-IFRS internet revenue^[1] was RMB1.81 billion (US$251 million), representing 23.9% year-over-year progress. Non-IFRS internet revenue attributable to fairness holders of the Firm^[1] was RMB1.70 billion (US$236 million), representing 20.8% year-over-year progress.
• Diluted earnings per ADS was RMB0.91 (US$0.13), up from RMB0.73 in the identical interval of 2023.
• Whole money, money equivalents and time period deposits as of March 31, 2024 have been RMB34.18 billion (US$4.73 billion).
• An annual money dividend of roughly US$210 million will likely be paid to shareholders as of the report date for the 12 months ended December 31, 2023.

Mr. Cussion Pang, Govt Chairman of TME, commented, “We kicked off 2024 with spectacular outcomes. On-line music grew robustly, registering record-high internet provides of 6.8 million music subscribers with wholesome ARPPU for the primary quarter. Our concentrate on high-quality progress additionally yielded strong internet revenue margin enlargement. By broadening content material and introducing extra tailor-made platform choices that resonate deeply with customers, we proceed to strengthen our vibrancy and competitiveness on this dynamic trade.”

Mr. Ross Liang, CEO of TME, continued, “Drawing on our intensive trade expertise and capitalizing on the Chinese language New 12 months seasonality, our efficient advertising campaigns led to higher-than-expected first-quarter music subscriber progress. In the meantime, we’re happy to see a gentle person base restoration because of our optimized operations efforts. By way of enhanced algorithms, product options and AIGC functions, we’re persistently creating extra compelling music experiences that deepen customers’ engagement on our platform.”