TapTechNews received a tip from a user named 西窗旧事. Tencent Music announced on May 13th that its revenue for Q1 2024 was 67.7 billion RMB, down from 70 billion RMB in the same period last year. Adjusted net profit in the first quarter increased by 23.9% year-on-year to 18.1 billion RMB. TapTechNews noted that Tencent Music's online music service revenue in the first quarter was 50.1 billion RMB, a year-on-year increase of 43.0%. Online music subscription revenue was 36.2 billion RMB, up 39.2% year-on-year, with 113.5 million online music paying users, a 20.2% year-on-year increase and a net increase of 6.8 million compared to the previous period. According to the financial report, for the 2023 fiscal year, the board of directors of Tencent Music Entertainment Group approved a cash dividend of $0.0685 per common share or $0.1370 per ADS, with an estimated total cash dividend payment of approximately $210 million. As of the close of trading on May 31, 2024, registered common stock and ADS holders are eligible to receive dividends. The expected payment date for common stock holders is around June 21, 2024, while the expected payment date for ADS holders is around June 27, 2024.