Shulou(Shulou.com)11/24 Report--

CTOnews.com March 21 news, today Tencent Music released the fourth quarter of 2022 and full-year results. The financial report shows that the overall performance of Tencent Music is robust and better than expected, with a total revenue of 7.43 billion yuan in the fourth quarter and an adjusted net profit of 1.44 billion yuan, showing a strong growth trend for the whole year.

In the fourth quarter, Tencent Music online music subscription revenue increased 20.6% to 2.35 billion yuan compared with the same period last year, and online music paying users reached a new high of 88.5 million.

For the whole of 2022, Tencent Music's total revenue was 28.34 billion yuan, while online music subscription revenue increased by 18.6% to 8.7 billion yuan compared with the same period last year. The net profit attributable to equity holders of the company was 3.68 billion yuan, an increase of 21.4% over the same period last year. The net profit attributable to equity holders of non-IFRS companies was 4.75 billion yuan, an increase of 14.4% over the same period last year.

In addition, CTOnews.com noted that Tencent Music officials announced the renewal of their contract with Jewell Music, and the two sides will continue to carry out close strategic cooperation.

As of December 31, 2022, the combined balance of cash, cash equivalents, term deposits and short-term investments was RMB 27.4 billion (US $3.97 billion).

Tencent Music also said that in the future, it will continue to explore the wide application of Big language Model (LLMs) in forms such as graphics and video, as well as in areas such as music recommendation and search, in order to meet the huge demand for music-related content.

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