Tencent Music Reports 16% YoY Increase in Net Profits Despite Decrease in Group Revenues

Music Subscription Revenues Grow by 42% YoY, Beating Revenue Estimates

Tencent Music Entertainment reports a 16% year-over-year increase in net profits, hitting $173 million in the third quarter of 2023.
Despite an 11% year-over-year decrease in group revenues, music subscription revenues grew by 42% year-over-year.
The number of paying users increased by 21% year-over-year to 103.0 million, an increase of 3.6 million subscribers compared with the second quarter.
Tencent Music's shares are listed in ADR form on the New York Stock Exchange and also in Hong Kong, with a market capitalization of $12.3 billion.
The company's third quarter results beat revenue estimates, helped by steady growth in paid subscriptions on its music streaming platform.