Consumer Discretionary May 17, 2022 04:20 AM (GMT+8) · EqualOcean
In the first quarter of 2022, Tencent Music Entertainment Group's overall performance was stable. The company's adjusted net profit and other core data reached market expectations. The number of online music paying users reached 80.2 million, another milestone high, the payment rate exceeded 13%, and many businesses made brilliant breakthroughs. In the first quarter of 2022, the total revenue of Tencent music entertainment group was RMB 6.64 billion (US $1.05 billion), and the net profit of the company under non IFRS was RMB 939 million (US $148 million), up 7.6% month on month; Online music subscription revenue increased by 17.8% year-on-year to RMB 1.99 billion (US $314 million), and online music paying users reached 80.2 million, a year-on-year increase of 31.7%, including a net increase of 4 million month on month; The payment rate reached 13.3%, higher than 9.9% in the same period last year and 12.4% in the fourth quarter of 2021.

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