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Tencent Music Reports Strong Q1 Earnings with 27.5% Profit Increase

May 14, 2024, 08:59 AM

Tencent Music Entertainment Group reported a significant increase in its quarterly profits and revenue, driven by a steady rise in paid subscriptions. The company’s first-quarter profit climbed 27.5% year-over-year to $212 million, while revenue from music subscriptions surged 39.2% to $501 million. Despite a 3.4% year-over-year decline in overall revenue to $937 million, Tencent Music managed to beat quarterly revenue estimates, with shares up 1.2% pre-market. The number of paying users also increased to 113.5 million.