Tencent Music's revenue in the second quarter of 2023 reached 7.29 billion yuan, and its adjusted net profit increased by 48.6% year-on-year

Tencent Music Entertainment Group today announced its unaudited financial results for the second quarter ended June 30, 2023

In the second quarter of 2023, Tencent Music Entertainment Group’s total revenue was RMB 7.29 billion ( US$1.01 billion), a year-on-year increase of 5.5%; net profit attributable to equity holders of non-IFRS companies was RMB 1.53 billion (US$211 million), a year-on-year increase of 48.6%.

Revenue from online music services increased by 47.6% year-on-year to 4.25 billion yuan (US$586 million), accounting for 58.3% of total revenue; online music subscription revenue increased by 32.2% year-on-year to 2.89 billion yuan ($3.99 billion)

In addition, Tencent Music (Note on this site: QQ Music, Kuwo Music, Kugou Music, etc.)

paid users reached 99.4 million, a year-on-year increase of 20.2%, and a quarter-on-quarter increase of 5 million.

Tencent Music said that since late the second quarter of 2023, the company has taken a number of measures to enhance services and control risks, including Made some adjustments to live streaming capabilities and strengthened compliance procedures to provide a more music-focused user experience We will continue to face pressure in the second half of the year. As a result, officials expect total revenue to decline by more than a dozen percent. The third quarter of 2023 was down year-over-year compared to 2022, and the full-year 2023 decline was in the low to mid-single digits. Despite this,

officials are still confident that net profit will achieve year-on-year growth

in 2023, driven by the continued strong performance of online music services.

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