Cover News Reporter Wu Yujia
On May 13, Tencent Music Entertainment Group announced its unaudited financial results for the first quarter ending on March 31, 2024 and its annual cash dividend ending on December 31, 2023.
data shows that in the first quarter of 2024, online music services continued to grow strongly. Online music subscription revenue increased by 39.2% year-on-year to 3.62 billion yuan. The number of online music paying users increased by 20.2% year-on-year to 113.5 million. The net increase in a single quarter was 6.8 million, a record All time high.
Peng Jiaxin, executive chairman of Tencent Music Entertainment Group, said: "Since the beginning of 2024, we have achieved outstanding results. Online music services have continued to grow strongly, and the net increase in the number of online music paying users in the first quarter hit a record high of 6.8 million. The per capita revenue per paying user remains at a healthy level. Our focus on high-quality growth also drives further improvement in net profit margin. We continue to enrich the content of our music library and launch more personalized functional experiences to better meet user needs, thus continuing to grow. Stay dynamic and competitive in a changing industry”
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