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Tencent Music Profits Surged in 2023 on Paid Subscription Growth Despite Hit to Social Business

Tencent Music's earnings in 2023 saw profits rise on paid subscription growth for the Chinese company despite its social media business taking a hit.

China ‘s Tencent Music Entertainment Group saw its profit jump 36% to 5.22 billion yuan ($735 million) in 2023 as growth in paid subscriptions helped offset mixed results in its social media business, according to an earnings filing on Tuesday (Mar. “The fourth quarter recorded accelerated year-over-year growth in music subscription revenue, anchored by consistent increases in subscribers and (average revenue per paying user),” said Cussion Pang, Tencent Music’s executive chairman. The crackdown prompted Tencent Music and others to disable their live-streaming services, which were popular and highly lucrative, leaving the social entertainment services division of Tencent Music to struggle to bounce back, Reuters reported.

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