TENCENT HITS A MILESTONE: 100M PAYING SUBS

Tencent’s music-streaming service has topped 100m paying users, the Chinese company announced Tuesday.

Tencent Music Entertainment Group reported that the number of paying users rose 20% over 2022’s Q2 as the company aggressively added original content and implemented "several service enhancement and risk-control measures."

While the music unit of Tencent Holdings also hit $1b in revenue in the quarter that ended 6/30, the user number was viewed as the real milestone.

"We have seen users become increasingly accustomed and willing to pay for copyrighted music," said Cussion Pang, the company's executive chairman, according to Reuters. "This trend is evidenced by the all-time-high paying ratio and average revenue per paying user."

Second-quarter revenue was up 5.5% from 2022.

TAGS: Tencent | financial results

STREAMING GROWTH POWERS TENCENT

< PREVIOUS STORY

BACK TO RUMOR MILL

		NEAR TRUTHS: INCOMPARABLE Taylor world is an ecosystem. (5/8a) Check It Out Now JENNIFER KNOEPFLE: THE HITS INTERVIEW A publishing all-star tells her story. (5/8a) Check It Out Now HITS LIST: HANGIN' OUT With extra relish (5/8a) Check It Out Now BEEF BRINGS LAMAR BACK TO SPOTLIGHT No longer keeping his diss-tance. (5/8a) Check It Out Now REPUBLIC GOES 10 FOR 10 Holy mackerel, Monte! (5/8a) Check It Out Now
		THE NEW UMG Gosh, we hope there are more press releases. TIKTOK BANNED! Unless the Senate manages to make this whole thing go away, that is. THE NEW HUGE COUNTRY ACT No, not that one. TRUMP'S CAMPAIGN PLAYLIST Now 100% unlicensed!

rumor mail

Email

First Name

Last Name

Company

Country
CAPTCHA code

Captcha: (type the characters above)

By clicking submit you are agreeing
to Terms and Conditions

TENCENT HITS A MILESTONE: 100M PAYING SUBS

Modal