Tencent Music Ekes Out 3% Income Achieve

On the finish of the quarter, QQ Music’s each day video views and viewers reached 100mm and 18mm respectively, representing triple-digit annual progress.

Music streaming providers might bear the title “music” however are more and more “pan-entertainment,” a time period TME used to explain opponents that lured away its “informal customers” and triggered month-to-month common customers to drop from the second quarter. (Music customers’ common income per consumer slid to eight.9 RMB ($1.39) from 9.4 RMB ($1.47) within the prior-year interval.)

Along with specializing in movies, TME is constructing its live-streaming enterprise, utilized by 10,000 musicians by the top of the third quarter, and long-form audio — audiobooks, podcasts — that attain 140 million customers month-to-month, up 89% improve 12 months over 12 months, and over 5 million paying customers, up over 100%.

Q3 Financials

  • Income:  7.8 billion RMB ($1.2 billion), up 3% y/y
  • Internet revenue: 788 million RMB ($122 million), down 37% y/y
  • Music subscription income: 1.9 billion RMB ($295 million), up 24.3% y/y

9 Month Financials (Q1 to Q3)

  • Income:  780 billion RMB ($673 million), up 64.9% y/y
  • Working revenue: 116.4 billion RMB ($98.1 million), up 29.4% y/y
  • Internet revenue: 87 billion RMB ($73 million), up 44.1% y/y

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