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Tencent Music Profit Jumps 35% on Subscriber Growth
Tencent Music Entertainment reported a 35% uptick in profit after the Chinese music streamer added 2 million subscribers over the third quarter.
“This quarter’s robust music subscription performance, with better-than-expected net subscriber additions and an expanding ARPPU, highlights the effectiveness of our balanced approach to achieve growth, which is important to drive paying user base expansion in the coming years,” TME’s chief executive officer Ross Liang said in a statement. Tencent Music executives said partnering with Galaxy Corporation this quarter for K-pop icon G-Dragon upcoming tour boosted its content offerings with audiences. G-Dragon released his first single in seven years, “POWER,” in October ahead of his tour of Southeast Asia, the Middle East, Hong Kong, Macao, Taiwan, Australia and New Zealand.
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