Nandu News reporter Zhong Xin On August 13, Tencent Music Entertainment Group (hereinafter referred to as "Tencent Music") announced its second quarter financial report for 2024. Total revenue was RMB 7.16 billion, a year-on-year decrease of 1.7%, mainly due to social entertainment services and other services revenue. 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 RMB 3.74 billion. The number of online music paying users increased by 17.7% year-on-year to 117 million, setting another record high, with a net increase of 3.5 million from the previous month. The average monthly income of a single paying user reaches RMB 10.7. Adjusted net profit was 1.99 billion yuan, a year-on-year increase of 25.7%.
’s financial report mentioned that Tencent Music has expanded and deepened its cooperation with record companies, including providing users with the rights to the first release of new songs and promoting member conversion and participation. The recent renewal of cooperation with Soda Green and cj enm once again confirmed the effectiveness of this method. . In addition, many new albums achieved outstanding results this quarter. Among them, Zhou Shen's "Anti-Shenzhen Pronoun" became the platform's sales champion this year, and Zhang Yixing and aespa's digital albums also performed well.
The artists, dramas and cooperation mentioned in the financial report also include: helping Yuan Yawei hold her first large-scale concert tour, which was sold out; customizing concert peripheral products for Karen Mok and exploring new cooperation model; create film and television soundtracks for the hit TV series "Qing Yu Nian Season 2" and "The Story of a Rose", and work with the actors of the series to promote them on the platform; deliver self-made content "I Heard You" and "What" to appear on music variety shows "The Voice of God Season 5" has driven the playback volume of related songs on the platform.
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