Patrick Frater Asia Bureau Chief Tencent Music Entertainment, China’s largest online music corporation, got smaller but more profitable in the first quarter of 2024.
That continued a trend seen previously in the company’s 2023 accounts. Revenues in the January to March quarter weighed in at $937 million (RMB6.77 billion), a 3% decrease compared with the same quarter last year.
But profits after tax increased 28% to $212 million (RMB1.53 billion). Monthly active users across its free and paid for tiers decreased by 2% to 592 million.
But users paying for streaming increased by 20% from 94.4 million to 114 million while those paying for its so-called social entertainment services increased 13% to 8 million.
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