BUSINESS Tencent Music Entertainment announces 34-pct revenue growth in 2019


Tencent Music Entertainment announces 34-pct revenue growth in 2019


09:49, March 18, 2020


File photo: CGTN

BEIJING, March 18 (Xinhua) -- Leading Chinese online music streaming platform Tencent Music Entertainment has reported its total revenue increased by 34 percent year on year to 25.43 billion yuan (about 3.63 billion U.S. dollars) in 2019.

Net profit attributable to equity holders of the company surged by 117.2 percent year on year to 3.98 billion yuan, the company said Tuesday.

The company saw steady growth in online music paying users in the fourth quarter of 2019, up 47.8 percent year on year to 39.9 million, increasing by 4.5 million quarterly, compared with growth of 4.4 million in the previous quarter.

"Revenue from our online music services grew 40.7 percent year on year, fueled by the 60.1-percent year-on-year increase in music subscription revenue as a result of record growth in paying users and the rise in average revenue per paying user," said Shirley Hu, chief financial officer of Tencent Music.

Tencent Music owns popular streaming apps QQ Music, Kugou Music and Kuwo Music, and karaoke app WeSing. It started trading on the New York Stock Exchange in December 2018.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue