Gelonghui, May 13 | Tencent Music - SW (01698.HK) announced unaudited financial results for the first quarter of 2024. In the first quarter of 2024, total revenue was RMB 6.77 billion (US$937 million), down 3.4% year on year; online music subscription revenue was RMB 3.62 billion (US$501 million), up 39.2% year over year. The number of online music paying users increased 20.2% year over year to 113.5 million, a net increase of 6.8 million month-on-month, the biggest net increase in a single quarter so far.
In the first quarter of 2024, net profit was RMB 1.53 billion (US$212 million), up 27.5% year over year. Net profit attributable to the company's equity holders was RMB 1.42 billion (US$197 million), an increase of 23.9% over the previous year. Non-IFRS net profit was RMB 1.81 billion (US$251 million), up 23.9% year over year. Net profit attributable to equity holders in non-IFRS companies was RMB 1.70 billion (US$236 million), an increase of 20.8% over the previous year. The diluted profit per American Depositary Share was RMB 0.91 ($0.13), compared to RMB 0.73 for the same period in 2023.
As of March 31, 2024, the total balance of cash, cash equivalents and time deposits was RMB 34.18 billion (US$4.73 billion). Additionally, approximately US$210 million in cash dividends for fiscal year 2023 will be paid to shareholders of record as of the registration date.
Peng Jiaxin, executive chairman of Tencent Music Entertainment Group, said, “Since the beginning of 2024, we have achieved remarkable results. Online music services continued to grow strongly. The net increase in the number of online music paying users hit a record high of 6.8 million in the first quarter, and the per capita income of a single payer remained healthy. We focus on high-quality growth and drive a further increase in net profit margins. We continue to enrich our library content and launch more personalized functional experiences to better meet user needs, so as to maintain our vitality and competitiveness in an ever-changing industry.”
Liang Zhu, CEO of Tencent Music Entertainment Group, said, “With our rich industry experience, we launched effective marketing campaigns and achieved more than expected music membership growth in the first quarter using the peak season of the Spring Festival. At the same time, through various optimized operating measures, we are also happy to see a steady recovery in the number of large market users. We continue to optimize algorithms, upgrade product features, and enrich AIGC applications to consistently create more attractive music experiences for users and increase user participation on the platform.”