Tencent Music Revenue Reached CNY7.58 Billion In Q3 2020

Tencent Music Entertainment Group recently published its unaudited financial report for the third quarter ended September 30, 2020.

According to the report, the company’s total operating revenue was CNY7.58 billion, a year-on-year increase of 16.4%; its net profit attributable to shareholders was CNY1.13 billion; and its net profit under non-IFRS was CNY1.35 billion.

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At the same time, its revenue from online music subscription saw a strong growth, which increased by 55% year-on-year to CNY1.46 billion. During the third quarter of 2020, Tencent Music’s paid users of online music achieved a historic breakthrough, reaching a record high of 51.7 million, and the payment rate reached 8%.

Peng Jiaxin, CEO of Tencent Music Entertainment Group, said that the performance in the third quarter reflects that they have made a milestone breakthrough in their core business by constantly exploring new opportunities in the dynamic development of China’s online music industry.

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Originally published at chinatech

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