Chinese music-streaming giant Tencent Music showed decent growth in its financial results for the first quarter of 2023.
The company ended March with 592 million monthly active users of its three online music services, which was down from 636 million this time last year.
Importantly though, its number of paying users for online music grew from 80.2 million to 94.4 million over the same time period – a 17.7% uptick.
Tencent Music also said that its revenues from music subscriptions grew by 30.4% year-on-year to RMB 2.6bn (around $378m) as that element of its paid business continued to grow sharply.
Overall, the company’s quarterly revenues grew 5.4% year-on-year to RMB 7bn ($1.02bn) as it recorded a net profit of RMB 1.15bn ($167m). Yes, a profitable music-streaming business!
TME’s announcement includes more details on its services, from its launch of merchandise for artists including Allen Ren, Lu Han and Justin Huang, to the expansion of its WeSing karaoke service to support choruses of up to 1,000 people.
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