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Tencent Music Profits Reach $735 Million, Despite Revenue Decline
Profits at China's Tencent Music climbed to $735 million in the full year, despite a decline in overall revenue and retreat in social music spending.
The fourth quarter recorded accelerated year-over-year growth in music subscription revenue, anchored by consistent increases in subscribers and ARPPU,” said Cussion Pang, executive chairman of TME. Looking ahead, we are well positioned to capture more multi-faceted opportunities, underpinned by our content and platform dual engines and supported by the online music business’ relatively counter-cyclical nature.” On the social entertainment side, it introduced Venus’ AI composition tool to support artists’ music creation through text prompts and rhythm clips.
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