Tencent Music Entertainment (TME) has released an update.
Tencent Music Entertainment Group reported a mixed financial performance for the fourth quarter and full year of 2023, with a substantial 20.6% growth in music paying users and a 20.2% increase in average revenue per paying user (ARPPU), despite a 7.2% decline in total revenues year-over-year due to reduced social entertainment services. The company’s net profits, however, grew impressively, with a 16.9% and 36.0% increase year-over-year for the quarter and full year respectively, driven by robust expansion in music subscription revenue.
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