Tencent Music Entertainment grew its 2022 profits by 21% to $533 million (RMB3.68 billion), helped by cost cutting and a growing subscription base. It achieved this despite a 9% decrease in revenue…
grew its 2022 profits by 21% to $533 million , helped by cost cutting and a growing subscription base. It achieved this despite a 9% decrease in revenues to $4.1 billion .
Tencent Music’s own operations divide loosely into two clusters: mass market music streaming, with paid-for and free tiers; and “social entertainment,” including karaoke and other derivative products. “Revenues from online music services for the full year of 2022 increased by 8.9% year-over-year to RMB12.48 billion . The increase was driven by strong growth in music subscription revenues, supplemented by growth in revenues from long-form audio, despite a decrease in sublicensing revenues and advertising revenues. Revenues from music subscriptions were RMB8.
The social side was weaker. Revenues from social entertainment services and others decreased by 20% year-over-year to RMB15.86 billion . Average revenue per social user increased by 5.9%, but the number of paying users of social entertainment services decreased by 24%. The company explained that this was “mainly due to the impact of the evolving macro environment, increased competition from other platforms and the impact related to COVID-19.
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