Tencent Music Profits Hold up in Second Quarter

variety.com:

Patrick Frater Asia Bureau ChiefChina’s leading online music firm Tencent Music Entertainment pointed to increased investment as the reason for a no better than flat performance in the first half of the year.Revenues for the April to June quarter were RMB6.93 billion ($981 million), an increase of 18% year-over-year, and up 14% to RMB13.2 billion for the first six months of the year.

Profit in the year to date was down by 4% to RMB1.83 billion ($259 million).The company said that it continued to swing its business towards paying subscribers.

These reached 47.1 million, an increase of 52% compared with June last year. And average revenue per paying user nudged forward by 8%.“With our content leadership, a well-executed paywall strategy, and.