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5/16, 10:07 PM (Source: TeleTrader)
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Tencent Music paying users soar 32% to 80.2M

Tencent Music Entertainment Group posted on Monday it recorded a net profit of $102 million, an increase of 7.6% in the first quarter of 2022 compared to the first trimester of last year. However, the company's revenue tumbled 15% in the same period to $1.05 billion, with the revenue from music subscriptions jumping nearly 18% to $314 million. Online music paying users soared almost 32% to 80.2 million.

"We delivered a healthy 18% year-over-year growth in subscription revenues with paying users exceeding 80 million in the first quarter, as supported by our dual engine content-and-platform strategy. Despite the headwinds in an evolving market landscape, which resulted in a year-over-year decline in total revenues, our efforts to optimize cost structure and improve operating efficiency led to improved profitability quarter-over-quarter," Executive Chairman Cussion Pang noted.

Baha Breaking News (BBN) / ND