Tencent Music Entertainment Financials – Karaoke App Strong! Music Subscribers Growing

Tencent Music Entertainment had 652 million mobile monthly active users across QQ Music, Kugou Music and Kuwo Music, which was only 1.2% up year on year. However, paying subscribers grew by 33% year on year to 31 million at the end of June.

Tencent Music reported a net profit of $135 million, but the company’s ‘social entertainment’ business with karaoke and live-video apps played a big role there. Tencent Music’s revenues from that side of the business grew by 35.3% to RMB 4.34bn ($632m).

Social entertainment now accounts for 73.5% of Tencent Music’s overall revenue. The company had 239 million mobile monthly active users for the social apps (up 4.8% year-on-year) and 11.1 million paying users (up 16.8%). But those paying karaoke and live-video users spent an average of RMB 130.2 (around $18.57) a month, more than 15 times the ARPPU of the online-music payers.

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