Tencent Music earned 6.57 billion yuan in the third quarter, and its adjusted net profit increased by 6.5% compared with the same period last year.

CTOnews.com November 14 news, Tencent Music Entertainment Group Group today released third-quarter results: total revenue was 6.57 billion yuan, down 10.8% from the same period last year; non-IFRS net profit was 1.5 billion yuan, up 6.5% from the same period last year.

In the third quarter, Tencent Music online music service revenue increased by 32.7% year-on-year to 4.55 billion yuan; online music subscription revenue increased 42% to 3.19 billion yuan, accounting for nearly 70% of total revenue; online music paying users reached 103 million, ARPPU achieved six consecutive quarters of growth.

CTOnews.com noted that Tencent Music also announced today that it has signed a music distribution agreement with South Korea's CUBE Entertainment to continue to distribute global top musicians and their works, including (G) I-DLE, on Tencent Music's music platforms such as QQ Music, KuGou Music, Kuwo Music, and National singing.