Tencent Music Sees Rise in Revenue - Q3 2021 Financials Released
Online music paying users jumped 37.7% to 71.2 million from a year earlier, while the figure increased by 5 million from the prior quarter.
The total revenue of Tencent music in the third quarter was CNY 7.81 billion, an increase of 3.0% over the same period.
The net profit was CNY 1.06 billion, a decrease of about 35% over the same period.
The financial report also pointed out that in the first three quarters of 2021, the total revenue of the firm was CNY 23.63 billion, an increase of about 13.5% over the same period last year.
The revenue from online music services was CNY 2.89 billion, a year-on-year increase of 24.3%.
The revenue from music subscription services was CNY 1.9 billion, a year-on-year increase of 30.2%. This growth was due to the record number of online music paying users, reaching 71.2 million, a year-on-year increase of 37.7%.
The revenue from social entertainment services and other businesses was CNY 4.92 billion, a year-on-year decrease of 6.4%. Tencent music said that this was due to the temporary loss of some mild users to other pan entertainment platforms, resulting in a year-on-year decrease in the company's online music and social entertainment Mau.
The results come amid a regulatory crackdown in China on sectors from tech to education and property. The company's parent, Tencent Holdings, said in August it had ended all exclusive music copyright agreements after regulators barred it from such deals.
The total revenue of Tencent music in the third quarter was CNY 7.81 billion, an increase of 3.0% over the same period.
The net profit was CNY 1.06 billion, a decrease of about 35% over the same period.
The financial report also pointed out that in the first three quarters of 2021, the total revenue of the firm was CNY 23.63 billion, an increase of about 13.5% over the same period last year.
The revenue from online music services was CNY 2.89 billion, a year-on-year increase of 24.3%.
The revenue from music subscription services was CNY 1.9 billion, a year-on-year increase of 30.2%. This growth was due to the record number of online music paying users, reaching 71.2 million, a year-on-year increase of 37.7%.
The revenue from social entertainment services and other businesses was CNY 4.92 billion, a year-on-year decrease of 6.4%. Tencent music said that this was due to the temporary loss of some mild users to other pan entertainment platforms, resulting in a year-on-year decrease in the company's online music and social entertainment Mau.
The results come amid a regulatory crackdown in China on sectors from tech to education and property. The company's parent, Tencent Holdings, said in August it had ended all exclusive music copyright agreements after regulators barred it from such deals.