News Formal

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

  • 📰 billboard
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 63%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Tencent Music's earnings in 2023 saw profits rise on paid subscription growth for the Chinese company despite its social media business taking a hit.

Group saw its profit jump 36% to 5.22 billion yuan in 2023 as growth in paid subscriptions helped offset mixed results in its social media business, according to an

“The fourth quarter recorded accelerated year-over-year growth in music subscription revenue, anchored by consistent increases in subscribers and ,” said, Tencent Music’s executive chairman. “Online music services’ strong performance mitigated headwinds from social entertainment services and contributed to expanded quarterly net profits.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 112. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Brunello Cucinelli’s ‘Gentle Luxury’ Propels 2023 Profits, RevenuesBrunello Cucinelli's namesake company reported solid growth in 2023 profits and sales leveraging the strength of his products and his gentle luxury.
Source: wwd - 🏆 24. / 68 Read more »