IT Home November 14 news, Tencent Music Entertainment Group today released the third quarter financial results: total revenue of 6.57 billion yuan, down 10.8%; Non-ifrs net profit was RMB1.50 billion, an increase of 6.5% year-on-year.
Revenue from Tencent Music's online music services rose 32.7% year on year to 4.55 billion yuan in the third quarter. Online music subscription revenue increased 42% year-on-year to 3.19 billion yuan, accounting for nearly 70% of total revenue; The number of paid online music subscribers reached 103 million, and ARPPU achieved six consecutive quarters of growth.
IT Home noted that Tencent Music also announced today that it signed a music distribution agreement with CUBE Entertainment, a South Korean company, and will continue to release top global musicians and their music works, including (G) I-DLE, under Tencent Music's QQ Music, Cool Dog Music, Cool me music, National K song and other music platforms.
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