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Tencent Music Quarterly Profits Jump 28% on Growing Subscriber Base

In Tencent Music's latest quarterly earnings report, profits were up 28% thanks to a growing subscriber base.

Executives of Tencent Music Entertainment Group said on Monday that higher than expected subscriber growth pushed its first quarter profits up 28% to RMB1.53 billion ($212 million). Through marketing promotions timed around the Chinese New Year holiday, TME was able to add nearly 7-million-net new subscribers in the quarter—the most it has ever added in a single quarter—helping drive a nearly 40% increase in music subscription revenues of RMB3.62 billion ($501 million). “Our effective marketing campaigns led to higher-than-expected first-quarter music subscriber growth,” TME chief executive Ross Liang said in a statement.

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