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5/11/2020, 10:07 PM (Source: TeleTrader)
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Tencent Music's paying users soar by 50% in Q1

Tencent Music Entertainment Group said on Monday that its online music paying users surged by 50% to 42.7 million.

Revenue in the first quarter of 2020 amounted to $891 million, marking a 10% jump from the same period in 2019 and matching estimates, while net profit stood at $125 million.

"We achieved healthy first quarter performance primarily fueled by robust growth from online music subscription revenues. The year-over-year growth of our online music subscription revenues accelerated to 70.0%, up from 48.3% and 60.1% in the third and fourth quarters of 2019 respectively," CEO Cussion Pang.

Breaking the News / NP