Tencent Music Entertainment recently published their Q1 2023 financial results, which reveals the number of active users and subscribers.
Leading Chinese music streaming service, Tencent Music Entertainment just posted their Q1 2023 results. The highlight here was a 17.7% growth year-over-year in paying subscribers from 80.2 million to 94.4 million. TME operates music platforms QQ Music, Kugou Music, Kuwo Music, WeSing and Lazy Au.
Users were down at the end of the first quarter this year, at 592 million monthly active users, compared with 636 million at the end of the same quarter last year.
These numbers compare to the other major music streaming service in China, NetEase Cloud Music ended 2022 with 38.3 million paying users and 189.4 million monthly active users. Western music streaming leader Spotify ended Q1 2023 with 210 million subscribers and 515 million monthly active users.
Tencent Music’s revenue grew a huge 30.4% year-over-year to RMB 2.6 billion (around $378m). Overall company revenue was at RMB 7bn ($1.02bn), representing growth of 5.4% compared to last year, with net profits of RMB 1.15bn ($167m).
You can find the full press release here, with more details on the launch of merchandise for artists and the expansions of their karaoke service WeSing, which now supports choruses of up to 1,000 people.