Tencent Music's quarterly revenue jumps amid growth in subscribers
HighlightsTencent Music Entertainment surpassed analysts' expectations with a first-quarter revenue increase of 8.7 percent, reaching 7.36 billion yuan, driven primarily by a 16.6 percent rise in music subscription revenue. The company's premium Super VIP membership, offering a combination of long-form audio content, online karaoke services, and high-quality sound, has seen significant growth in user adoption. Despite overall revenue gains, Tencent Music's social entertainment division, which includes the karaoke application WeSing and live concert platform Kuwo Music, experienced an 11.9 percent decline in revenue due to regulatory changes affecting live-streaming features.
Tencent Music Entertainment exceeded analysts' expectations for first-quarter revenue on Tuesday, driven by growth in subscribers for its
online music services
.
The U.S.-listed shares of the company were up 2 per cent in premarket trading.
Tencent Music's premium Super VIP (SVIP) membership, which combines long-form audio content, online karaoke services and high-quality sound, has gained significant traction among users.
The company is taking the right steps by providing affordable entertainment options to users amid a slowing economy, analysts said last month.
Revenue from music subscriptions grew 16.6 per cent to 4.22 billion yuan ($586.1 million), while paying users increased by 8.3 per cent to 122.9 million.
However, the social entertainment division remains a drag on the overall growth due to the removal of certain live-streaming features to adhere to Beijing's anti-gambling regulations.
For the first quarter, revenue from the
social entertainment services
business, which includes karaoke app WeSing and
live concert platform
Kuwo Music, fell 11.9 per cent to 1.55 billion yuan.
The company posted an 8.7 per cent increase in revenue to 7.36 billion yuan for the quarter ended March, beating analysts' estimates of 7.27 billion yuan, according to data compiled by LSEG.
The music firm is also in advanced talks to acquire China's largest online audio platform, Ximalaya, which would broaden its portfolio.
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