Net profits at Tencent Music Entertainment, China’s largest digital music operation, grew by 89% in the first quarter of the new year, hitting RMB1.15 billion ($167 million), even as revenue progre…
, China’s largest digital music operation, grew by 89% in the first quarter of the new year, hitting RMB1.15 billion , even as revenue progressed by only 5% to RMB7.0 billion .
Its own music operations divide loosely into two clusters: mass market music streaming, with paid-for and free tiers; and “social entertainment,” including karaoke and other derivative products. The number of users paying for online music increased by 18% year-over-year to 94.4 million, which took the online music paying ratio to a record high at 15.9%. Average revenue per paying user expanded to RMB9.2 per month, marking its fourth consecutive quarter of growth.
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