Tencent Music Entertainment, China’s largest digital music business, managed to increase its profits in the July to September quarter despite “challenging macro conditions” and the continued retrea…
, China’s largest digital music business, managed to increase its profits in the July to September quarter despite “challenging macro conditions” and the continued retreat of its social music business.
The profits growth came despite revenues slipping to RMB7.37 billion , representing a 6% year-over-year decrease and a 7% increase on a sequential basis. The streaming music side is successfully converting casual users into paying subscribers. That is evident not only by at 20% year-on-year gain in paying subscriptions, which reached 85.3 million at the end of September, but also by the 8% drop in monthly average users to 585 million . That was achieved with only a 1% reduction in average revenue per user. Overall revenue for music streaming reached RMB2.25 billion , a year-on-year increase of 18%.
The company blamed the turmoil on the social music side on “macro headwinds,” and promised to “improve our competitiveness through ongoing product innovations and new initiatives in social entertainment, such as audio live streaming, international expansion and virtual interactive product offerings.”
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