Tencent Music posts Q3 music revenue jump
Tencent Music Entertainment reported a significant increase in its overall revenue, driven by substantial growth within its online music services division. The company’s total revenue rose by 20.6 percent year-over-year, while its net profit jumped 30.6 percent. Revenue generated from online music services grew 27.2 percent, with music subscriptions accounting for a large portion of that increase.
The company attributed this performance to an improved average revenue per paying user, which increased 10.2 percent. This growth was largely fueled by the ongoing expansion of its premium Super-VIP membership program. Although the total number of paying music users grew to 125.7 million, the overall monthly active user base saw a slight decline.
Executive Chairman Cussion Pang stated that innovations in content and service expansion, including live experiences, helped drive consistent subscription revenue. He added that the company’s strong financial position enables it to further broaden its music services and create greater value for the industry.
