Tencent Music Enjoys Streaming Growth as Social Side Continues Slide
variety.comPatrick Frater Asia Bureau Chief Tencent Music Entertainment, China’s largest digital music conglomerate, managed nearly 7% revenue growth in the July-September quarter as streaming services more than compensated for the continuing retreat of the group’s high-value ‘social entertainment activities.
Net profits in the third quarter of its financial and calendar year, climbed by 35% to RMB1.71 billion ($244 million) on revenue of RMB7.02 billion ($1 billion).
For nine months, revenues were an unchanged RMB20.9 billion ($2.98 billion) and net profits RMB5.03 billion ($717 million), a 32% gain in local currency terms.
Streaming music services managed the double whammy of increasing the number of paying subscribers (by two million quarter-on-quarter to 119 million) and increasing average revenues per subscriber, to RMB10.8.
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