Tencent Music Profit Jumps 35% on Subscriber Growth
The Chinese music streamer added 2 million net new subscribers, bolstering music streaming revenues by 20%
The Chinese music streamer added 2 million net new subscribers, bolstering music streaming revenues by 20%
Those quarterly dips overshadowed a 33% increase in quarterly profit driven by music subscription revenues rising by nearly 30%.
Zhou Shen has 14 recordings on the current, 100-deep China TME UNI Chart.
The Chinese streaming giant reported more than $500 million in quarterly music subscription revenues from 113 million paying users
The company’s 106.7 million paying subscribers contributed to a 39% jump in music subscriptions revenue.
“UMG will continue to work with TME to bring the very best in music to these passionate music consumers.”
The company earned $624 million in online music revenue even as it saw steep declines in its social entertainment segment.
The Billboard Global Music Index rose 4.7% as 12 of its 21 stocks posted gains this week.
With just two of its 21 stocks in positive territory, the Billboard Global Music Index fell 3%.
For the first time since its 2016 founding, music contributed more revenue than social entertainment at TME.
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