Tencent Music Achieves High-Quality Growth in Q3 2024: Online music subscription revenue increased by 20.3% year-on-year to 38.4 billion yuan.

On November 12, 2024, Tencent Music Entertainment Group (hereinafter referred to as "Tencent Music"), China's leading online music and audio entertainment platform (NYSE symbol: TME and HKEX symbol: 1698), announced its unaudited financial performance for the third quarter ended September 30, 2024. In the third quarter of 2024, Tencent Music Entertainment Group delivered a steady performance, with total revenue of 7.02 billion RMB, representing a year-on-year increase of 6.8%; adjusted net profit was 1.94 billion RMB, up 29.1% year-on-year. The online music business maintained high-quality growth and drove Tencent Music's long-term sustainable growth. In the third quarter, online music subscription revenue increased by 20.3% year-on-year, reaching 3.84 billion RMB; the number of online music paying users increased by 15.5% to 119 million. In this quarter, Tencent Music's average revenue per paying user (ARPPU) further increased to 10.8 RMB. In the third quarter of 2024, Tencent Music continued to enhance its content ecosystem, consolidate top music content supply, collaborate with industry partners to create high-quality music content, and continuously innovate in products and technology to provide users with a more personalized music experience and rich membership benefits, enhancing user satisfaction with the platform for users with different music needs. The coordinated development of content and platform is an important driver for the continuous growth of Tencent Music's paying users. In the increasingly flourishing Chinese music industry, Tencent Music is committed to promoting the industry's continuous healthy development and achieving win-win cooperation with partners throughout the industry chain.