China’s entertainment, social media and technology giant Tencent, renewed its profits growth in the first quarter of 2023, after reporting its first decline in 2022. And group revenue beat financia…
, renewed its profits growth in the first quarter of 2023, after reporting its first decline in 2022. And group revenue beat financial market estimates as China’s post-COVID reopening boosted economic activity.
Overall revenues in the three months from January to March 2023 reached RMB150 billion , an increase of 11% year-on-year and 3% quarter-on-quarter. Net profits in the period came in at RMB25.8 billion , a 10% year-on-year improvement. The group is the world’s largest games firm in revenue terms and saw a return to growth in that sector. It saw, where it already leads the China market. But it may have lost its crown as the Middle Kingdom’s leading long-form video streamer.
“Long-form video subscriptions decreased 9% year-on-year to 113 million while subscription revenue decreased 6% year-on-year, primarily due to delayed content releases. We are enhancing our content to cater to evolving user demands,” Tencent said on Wednesday. Earlier this week,and an average of 128 million daily subs through the quarter. Subscription measurement may differ between the companies, but Tencent Video’s decline caught market analysts by surprise.
“In April 2023, we released a self-commissioned drama series, ‘The Long Season,’ which became the highest-rated domestic drama series in the past five years, according to the Douban review aggregation website. We are extending our collaboration with short-form video services to expand our long-form content popularity and capture more monetization opportunities,” Tencent said in its regulatory filing.
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