Tencent Music's total revenue in Q2 was 7.16 billion yuan, and the number of online music paying users reached 117 million
2024-08-14
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
Cover News reporter Zhang Yuexi
On August 13, Tencent Music Entertainment Group, an online music and audio entertainment platform, announced its unaudited financial results for the second quarter ending June 30, 2024. The financial report shows that in the second quarter of 2024, its online music subscription revenue increased by 29.4% year-on-year to 3.74 billion yuan; the number of online music paying users increased by 17.7% year-on-year to 117 million. In the first half of 2024, the number of online music paying users increased by more than 10 million.
Looking at the key data, in the second quarter of 2024, Tencent Music Entertainment Group's total revenue was RMB 7.16 billion (US$985 million), a year-on-year decrease of 1.7%, mainly due to the decline in revenue from social entertainment services and other services, which was partially offset by the year-on-year growth in revenue from online music services.
Online music subscription revenue increased by 29.4% year-on-year to RMB 3.74 billion (US$515 million). The number of online music paying users increased by 17.7% year-on-year to 117 million, a net increase of 3.5 million from the previous month. Net profit was RMB 1.79 billion (US$247 million), a year-on-year increase of 33.1%.
Tencent Music Entertainment Group Executive Chairman Peng Jiaxin said: "In the second quarter, online music services drove the group's performance to another record high. In the first half of this year, the number of online music paying users increased by more than 10 million. We are confident in the long-term development potential of the industry."
