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Tencent Music's total revenue in Q2 fell slightly year-on-year, and Zhou Shen's new album became the best-selling album on the platform this year

2024-08-13

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Southern Metropolis Daily reporter Zhong XinOn August 13, Tencent Music Entertainment Group (hereinafter referred to as "Tencent Music") announced its second quarter 2024 financial report, with total revenue of RMB 7.16 billion, a year-on-year decrease of 1.7%, mainly due to the decline in revenue from social entertainment services and other services. Among them, the online music business continued to grow strongly, with online music subscription revenue in the second quarter increasing by 29.4% year-on-year to RMB 3.74 billion. The number of online music paying users increased by 17.7% year-on-year to 117 million, setting a new record, with a net increase of 3.5 million month-on-month. The average monthly income of a single paying user reached RMB 10.7. The adjusted net profit was RMB 1.99 billion, a year-on-year increase of 25.7%.

The financial report mentioned that Tencent Music has expanded and deepened its cooperation with record companies, including providing users with the right to premiere new songs to promote membership conversion and participation. The recent renewal of cooperation with Sodagreen and CJ ENM has once again confirmed the effectiveness of this approach. In addition, several new albums have achieved outstanding results this quarter. Among them, Zhou Shen's "Anti-Deep Pronouns" became the sales champion of the platform this year, and Zhang Yixing and aespa's digital albums also performed well.

The artists, dramas and collaborations mentioned in the financial report also include: helping Yuan Yawei hold her first large-scale personal tour, which was sold out; customizing concert peripheral products for Karen Mok, exploring a new model of cooperation; creating soundtracks for the hit TV series "Celebrating Yu Nian Season 2" and "The Story of Rose", and working with the actors of the series to promote them on the platform; delivering self-made content "I Hear About You" and "What" to the music variety show "The Voice of God Season 5", which boosted the playback volume of related songs on the platform.