Cover News Reporter Meng Mei Fu Wenchao
html On March 19, Tencent Music Entertainment Group released its unaudited financial results for the fourth quarter and full year as of December 31, 2023. The financial report shows that Tencent Music's total revenue in the fourth quarter of 2023 was RMB 6.89 billion, a year-on-year decrease of 7.2%; net profit was RMB 1.41 billion, a year-on-year increase of 16.9%.Among them, online music services continued to grow strongly. In the fourth quarter, the number of online music paying users increased by 20.6% year-on-year to 106.7 million, setting a new record high. Online music arppu increased by 20.2% year-on-year to 10.7 yuan; in 2023, online music paying users The net increase in the past four quarters totaled 18.2 million, far exceeding the 12.3 million in 2022.
For the whole year of 2023, Tencent Music Entertainment Group’s total revenue was RMB 27.75 billion, and non-IFRS net profit was RMB 6.22 billion, a year-on-year increase of 26.8%. Online music subscription revenue was RMB 12.1 billion, a year-on-year increase of 39.1%.
Peng Jiaxin, executive chairman of Tencent Music Entertainment Group, said: "2023 is a critical year for the company's transformation. We continue to promote the vigorous development of the music industry and are confident in the prosperous growth of the industry in the next few years. In the fourth quarter, we "Online music subscription revenue continues to accelerate year-on-year growth, and the number of subscribers and per capita income of a single paying user continues to increase; the strong performance of online music services not only alleviates the pressure on social entertainment services, but also promotes a steady increase in quarterly net profit."
