On March 19th, Tencent Music Entertainment Group released its unaudited financial results for the fourth quarter and full year ended December 31, 2023. In the fourth quarter and full year of 2023, Tencent Music and Entertainment Group's total revenue rebounded month on month, and its adjusted net profit continued to increase year-on-year.
In the fourth quarter of 2023, Tencent Music Entertainment Group's total revenue was RMB 6.89 billion (USD 971 million), and its non IFRS net profit was RMB 1.68 billion (USD 236 million), a year-on-year increase of 12.5%. In 2023, Tencent Music Entertainment Group's total revenue was RMB 27.75 billion (USD 3.91 billion), and its non IFRS net profit was RMB 6.22 billion (USD 876 million), a year-on-year increase of 26.8%.
Online music services and online music subscriptions are the two main businesses of Tencent Music Entertainment. The revenue from online music services continues to grow, accounting for 72.9% of the total revenue, reaching a historic high. The online music service revenue in the fourth quarter increased by 41.1% year-on-year, reaching RMB 5.02 billion (USD 707 million); Online music subscription revenue increased by 45.3% year-on-year to RMB 3.42 billion (481 million US dollars). In addition, the number of online music paying users increased by 20.6% year-on-year, reaching 106.7 million, and the revenue per paying user of online music achieved seven consecutive quarters of growth.