Tencent Music Passes 100 Million Subscriber Landmark as Quarterly Profits Soar
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variety.comPatrick Frater Asia Bureau Chief The number of paying streaming subscribers at China’s Tencent Music Entertainment hit 100 million in the June, the company said Tuesday as it revealed its second quarter financials.
Subscriber numbers increased by 20% year on year and by 5 million quarter on quarter, to hit 99.4 million, the company said.
That increase helped quarterly revenues from music subscriptions to rise by 37% year-on-year to RMB2.89 billion ($399 million).
The group, which also incorporates more lucrative but slower growing social music activity such as karaoke, saw total revenue in the quarter rise by 6% to RMB7.29 billion ($1.01 billion).
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