On the evening of May 13th, Tencent Music released its unaudited financial performance announcement for the first quarter of 2024.
The total revenue for the first quarter of 2024 was RMB 6.77 billion (USD 937 million), a year-on-year decrease of 3.4%, mainly due to a decrease in revenue from social entertainment and other services, partially offset by strong growth in revenue from online music services. The online music subscription revenue was RMB 3.62 billion (USD 501 million), a year-on-year increase of 39.2%. The number of online music paying users increased by 20.2% year-on-year to 113.5 million, a net increase of 6.8 million compared to the previous quarter, setting the largest quarterly net increase to date.
The financial report shows that the net profit was RMB 1.53 billion (USD 212 million), a year-on-year increase of 27.5%. The net profit attributable to equity holders of the company was RMB 1.42 billion (USD 197 million), a year-on-year increase of 23.9%. The non IFRS net profit was RMB 1.81 billion (USD 251 million), a year-on-year increase of 23.9%. The net profit attributable to equity holders of non IFRS companies was RMB 1.7 billion (USD 236 million), a year-on-year increase of 20.8%. The diluted profit per American Depositary Share is RMB 0.91 (USD 0.13), compared to RMB 0.73 in the same period of 2023.
Data shows that as of March 31, 2024, the total balance of cash, cash equivalents, and fixed deposits was RMB 34.18 billion (USD 4.73 billion).
In addition, the financial report disclosed that it will distribute annual dividends for the first time and pay approximately $210 million (approximately RMB 1.516 billion) in cash dividends for the fiscal year 2023 to shareholders registered as of the registration date.