Patrick Frater Asia Bureau ChiefA long-term shift towards subscriptions can’t come fast enough for Tencent Music Entertainment, China’s largest digital music company and stakeholder in Spotify and Universal Music.Revenues and net profits in the six months to June, the company’s first half year, were both down, as weaker advertising and lower music sales undermined the period.
Subscriptions, on the other hand, increased in number and in value. The group reported total revenues of RMB6.91 billion ($1.03 billion), representing a 14% year-over-year decrease and a 3.9% increase on a sequential basis.
Net profit was RMB892 million ($133 million). Using a non-IFRS approved method net profits amounted to RMB1.07 billion ($159 million), but still showed an 8.3% decrease year-over-year.
The number of paying users for music increased by a quarter to 82.7 million, though average revenue per music user dropped to a monthly mean of RMB8.5.
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