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Paying Subscriber Growth Lifts Profit at China’s Tencent Music

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variety.com
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Tencent Music Entertainment, China’s leading online music conglomerate, increased revenues and profits in its 2019 financial year.

That follows growth in the number of paying subscribers and their average spend with the company. The New York Stock Exchange-listed group, which is poised to soon buy a chunk of Universal Music, said in in regulatory filing that revenue in its year to end December grew by 34% to RMB25.43 billion ($3.65 billion) and that operating profit increased by 127% to RMB4.62 billion ($664 million).

Net profit attributable to equity holders more than doubled to RMB3.98 billion ($572 million), though the company also uses another measure (non-IFRS) profit which increased by 18% to RMB 4.91 billion ($705 million).

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