Today, we released the 2024 Q2 financial report.
In the second quarter of 2024, our overall performance was solid. Among them, the online music business continued to grow strongly. In the second quarter, online music subscription revenue increased by 29.4% year-on-year to 3.74 billion yuan; the number of online music paying users reached 117 million, setting another record high. In the first half of 2024, the number of online music paying users will increase by more than 10 million. We announced in May a cash dividend of US$212 million for 2023, which was paid in June this year.
We adhere to the concept of long-termism and continue to deepen the "one body, two wings" strategy of content and platform. In the second quarter of 2024, the company will continue to improve the content ecosystem, deepen cooperation with record companies, strengthen content self-production, and create offline music activities to satisfy users' different music preferences with richer and more diverse music content; on the platform side, we continue to carry out technological Innovation and product upgrades bring users better music experience and membership rights, and increase the activity and participation of platform users. In addition, we also provide artists with more opportunities to connect with music fans and help develop their music careers.
Summer fun sometimes happens, but the joy is endless. In the journey of music, the best scenery is always the next one.
This summer, music has remembered every good time in our lives. In the future, we will continue to work with hundreds of millions of users towards a better music journey; we will also work with singers, creators and Let’s work together as partners to create a better future for Chinese music.
