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

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.”

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