Tencent Music's Q3 Revenues Were $1.04 Billion, Net Profit Was $149 Million

Tiger Newspress2022-11-15

Tencent Music today announced its unaudited financial results for the third quarter ended September 30, 2022.

  • Net profit of the Company was RMB1.09 billion(US$154 million), representing a 38.7% increase year-over-year and a 22.5% increase on a sequential basis. Non-IFRS net profit of the Company was RMB1.41 billion(US$198 million), representing a 32.7% increase year-over-year and a 32.5% increase on a sequential basis.
  • Total revenues were RMB7.37 billion(US$1.04 billion), representing a 5.6% year-over-year decrease and a 6.7% increase on a sequential basis.
  • Revenues from music subscriptions were RMB2.25 billion(US$316 million), representing an increase of 18.3% year-over-year. Paying users reached 85.3 million, increasing by 19.8% year-over-year. On a sequential basis, the number of online music paying users grew by 2.6 million.
  • Net profit attributable to equity holders of the Company was RMB1.06 billion(US$149 million) and Non-IFRS net profit attributable to equity holders of the Company was RMB1.38 billion(US$194 million).
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