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

CTOnews.com May 16 news, Tencent Music today released the first quarter ended March 31 earnings report. Revenue in the first quarter of 2023 was RMB 7 billion yuan, up 5.4% year-on-year; net profit was RMB 1.15 billion yuan, up 88.5% year-on-year.

CTOnews.com learned from the earnings report that Tencent Music's music subscription revenue in the first quarter was 2.6 billion yuan, up 30.4% year-on-year; online music service revenue increased 33.8% year-on-year to 3.5 billion yuan; paid users increased 17.7% year-on-year to 94.4 million, and online music payment rate reached 15.9%.

However, Tencent Music's monthly online music users fell 6.9 per cent year-on-year to 592 million in the first quarter of 2023, while mobile monthly users for social entertainment fell 16.0 per cent year-on-year to 136 million.

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