Tencent Music Profits Reach $735 Million, Despite Revenue Decline
variety.comPatrick Frater Asia Bureau Chief Net profits at Tencent Music Entertainment, China’s largest digital music company, climbed 36% to reach $735 million (RMB5.22 billion) in 2023 – despite revenues declining by 2% to $3.91 billion.
Fourth quarter profits were worth $198 million (RMB1.41 billion), earned from revenues 7% down at $971 million (RMB6.89 billion).
The final figures cap a year in which the New York and Hong Kong listed subsidiary of Tencent saw monthly active user (MAU) numbers fall as it successfully organized the transition of a growing number of free users into paying subscribers.
In the full year, revenues from music streaming subscriptions grew by 39% to $1.70 billion. That resulted from a 21% growth in the number of paying subscribers (from 88.5 million to 107 million) and a 20% increase in the average revenue per subscriber to RMB10.7 or $1.49.
Read more on variety.com
