Tencent Music Profits Surged in 2023 on Paid Subscription Growth Despite Hit to Social Business ...Middle East

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Tencent Music Profits Surged in 2023 on Paid Subscription Growth Despite Hit to Social Business
China’s Tencent Music Entertainment Group saw its profit jump 36% to 5.22 billion yuan ($735 million) in 2023 as growth in paid subscriptions helped offset mixed results in its social media business, according to an earnings filing on Tuesday (Mar. 19). The leading music streaming company in China — Tencent Music operates QQ Music, Kugou and Kuwo as well as the social karaoke game WeSing — reported that revenue from music subscriptions rose 39.1% to 12.10 billion yuan ($1.70 billion) thanks to 18.2 million more net paying subscribers in 2023. (That compares to a net increase of 12 million paying subscribers in 2022.)

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