Tencent Music Entertainment Group, which operates apps including QQ Music, Kugou Music, Kuwo Music, and WeSing, booked RMB 5.74 billion (USD 855 million) in revenue in the first quarter of this year, up 39.4% year-on-year, its quarterly financial statement filed on Monday shows.
Its revenues from online music services, coming from user subscriptions, sublicensing music content to other companies including third-party music platforms and Tencent Group, and sales of digital music albums, increased by 28% to RMB 1.61 billion (USD 239 million). The company has 28.4 million paying users for its online music services, up by 27.4% year-on-year.
Meanwhile, revenue from its social entertainment service increased by 44.3% year-on-year to RMB 4.13billion (USD 616 million) due to growth in online karaoke and live streaming services.
It now has 10.8 million paying users for its social entertainment services, an increase of 12.5% year-on-year.
The company made a net profit of RMB 987 million (USD 147 million) in the first three months of this year, compared to RMB 841 million in the same period of 2018.
Contact the writer at jingli@kr-asia.com
