Tencent Music Entertainment has announced results for the Q2 period to June 30.
The results coincide with a new JV and licensing deal with UMG.
TME’s online music paying users grew by 51.9% year-on-year in Q2 to 47.1 million. Average revenue per user increased by 8.1% year-on-year.
Growth in mobile monthly average users for online music was flat at 651 million.
Total revenues were RMB6.93 billion (£762m), an increase of 17.5% year-on-year. Online music subscriptions revenue increased by 64.7% year-on-year to RMB1.31bn (£144m).
Operating profit was RMB1.11 billion (£122m).
"As the industry leader of China's online music market, we continue to pioneer and make contributions to support the development of the industry,” said CEO Cussion Pang. “Our efforts include continuous advocation of the pay-for-streaming model, deeper cultivation of indie musicians, promotion of digital albums and our innovative online concert TME Live. To top artists, our platform is not only the preferred destination for digital album releases but also a unique performance venue to interact with fans real time.”
He added: "In addition, our social entertainment services performed steadily in the second quarter, registering sequential growth as the Covid-19 situation continued to improve in China. We also carried on with upgrading our products and introducing new features to provide interactive, engaging, and visually stimulating experience, which will strengthen our long-term competitiveness. Supported by our strong financial position and cash flow generation, we will continue to invest in and ramp up our long-form audio services, and expect to achieve significant synergies across all aspects of our businesses and further boost our long-term sustainable growth."
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