On November 12th, Tencent Music Entertainment Group (hereinafter referred to as "Tencent Music") announced its unaudited financial performance for the third quarter ended September 30, 2024.
In the third quarter of 2024, Tencent Music Entertainment Group's performance was stable, with a total revenue of 7.02 billion yuan, a year-on-year increase of 6.8%; The adjusted net profit was 1.94 billion yuan, a year-on-year increase of 29.1%. Among them, the online music business maintains high-quality growth and drives Tencent Music's long-term sustainable growth. In the third quarter, online music subscription revenue increased by 20.3% year-on-year, reaching 3.84 billion yuan; The number of online music paying users increased by 15.5% year-on-year to 119 million. This quarter, Tencent Music's average monthly revenue per paying user (ARPPU) further increased to 10.8 yuan.
Tencent Music will continue to improve its content ecosystem in the third quarter of 2024, consolidate the supply of top music content, and collaborate with industry partners to create high-quality music content; At the same time, we continuously innovate our products and technologies to provide users with more personalized music experiences and rich membership benefits, enhancing the satisfaction of users with different music needs on the platform. The joint development of content and platform "one body, two wings" is an important driving force for the sustained growth of Tencent Music's paid users. In the current booming Chinese music industry, Tencent Music is committed to promoting the sustainable and healthy development of the industry and achieving win-win cooperation with upstream and downstream partners in the industry chain.