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Tuesday, August 15, 2023

TENCENT HITS A MILESTONE: 100M PAYING SUBS

Tencent’s music-streaming service has topped 100m paying users, the Chinese company announced Tuesday.

Tencent Music Entertainment Group reported that the number of paying users rose 20% over 2022’s Q2 as the company aggressively added original content and implemented "several service enhancement and risk-control measures."

While the music unit of Tencent Holdings also hit $1b in revenue in the quarter that ended 6/30, the user number was viewed as the real milestone.

"We have seen users become increasingly accustomed and willing to pay for copyrighted music," said Cussion Pang, the company's executive chairman, according to Reuters. "This trend is evidenced by the all-time-high paying ratio and average revenue per paying user."

Second-quarter revenue was up 5.5% from 2022.

TAGS: Tencent | financial results
STREAMING GROWTH POWERS TENCENT
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