Today, we released the 2024 Q3 financial report.
In the third quarter of 2024, our overall performance was solid, and the company's quarterly total revenue and adjusted net profit both grew steadily year-on-year. Among them, the online music business maintained high-quality growth. Online music subscription revenue increased by 20.3% year-on-year to 3.84 billion yuan; the number of online music paying users increased by 15.5% year-on-year to 119 million. It is worth mentioning that as of the end of September 2024, our number of super members has exceeded 10 million. Behind the growth, we cannot do without the support of our users.
The common development of content and platform "one body and two wings" is an important driving force for the continued growth of paying users. In the third quarter of 2024, we will continue to improve the content ecosystem, consolidate the supply of leading music content, and work with industry partners to create high-quality music content; at the same time, we will continue to innovate in products and technologies to provide users with a more personalized music experience and rich Membership Benefits.
According to the US$500 million share repurchase plan announced on March 21, 2023, as of September 30, 2024, the company has repurchased 42.1 million American depositary shares from the open market for approximately US$335.5 million in cash, of which the third The quarterly repurchase amount is approximately US$100 million.
The golden breeze brings refreshment, and joy follows your heart. Every mood in life can find healing and resonance in music.
music will once again accompany us through the four seasons of the year. In headphones, in the car, at concerts... music integrates into each of our lives in a silent and moisturizing manner, and is as ubiquitous as air. In the future, we will use music to create more beautiful memories for users in more life scenes.
