The Q2 revenue of Tencent Music in 2023 was 7.29 billion yuan, and the adjusted net profit increased by 48.6% compared with the same period last year.

CTOnews.com August 15 news, Tencent Music Entertainment Group Group today released unaudited financial results for the second quarter ending June 30, 2023.

In the second quarter of 2023, the total income of Tencent Music Entertainment Group Group was 7.29 billion yuan (US $1.01 billion), up 5.5% from the same period last year; the net profit attributable to equity holders of non-IFRS companies was 1.53 billion yuan (US $211 million), up 48.6% from the same period last year.

Online music service revenue rose 47.6% year-on-year to 4.25 billion yuan ($586 million), accounting for 58.3% of total revenue, while online music subscription revenue rose 32.2% year-on-year to 2.89 billion yuan ($399 million).

In addition, the number of paying users of Tencent Music (CTOnews.com Note: QQ Music, Kuwo Music, KuGou Music, etc.) reached 99.4 million, an increase of 20.2% year-on-year and 5 million quarter-on-quarter.

Tencent Music said that since the late second quarter of 2023, the company has actively implemented a number of service enhancements and risk control measures, including some adjustments to live streaming features and stricter compliance procedures. Provide users with a more music-centric user experience.

As a result of these measures, social entertainment services performed less than expected in the reporting quarter and will continue to be under pressure in the second half of 2023. As a result, officials expect total revenue to fall by more than 10 percent. Compared with 2022, the year-on-year decline in the third quarter of 2023 was in the middle and low digits for the whole of 2023. Nevertheless, officials are confident that net profit will grow year-on-year in 2023, driven by the continued strong performance of online music services.