Tencent Music Entertainment Group's 2024 Q2 Financial Results Revenue, Profits and User Data
TapTechNews August 13th news, Tencent Music Entertainment Group today announced its unaudited financial results for the second quarter of fiscal year 2024 ending June 30, 2024. As of TapTechNews' dispatch, Tencent Music's Hong Kong shares rose nearly 4.7%, with a market capitalization of HK$183.62 billion.
Financial Highlights for the Second Quarter of 2024
The total revenue was RMB 7.16 billion, a year-on-year decrease of 1.7%, mainly due to the decline in social entertainment services and other services revenue, partially offset by the strong year-on-year growth in online music services revenue.
The online music subscription revenue increased by 29.4% year-on-year to RMB 3.74 billion. The number of online music paying users increased by 17.7% year-on-year to 117 million, with a net increase of 3.5 million quarter-on-quarter.
The net profit was RMB 1.79 billion, an increase of 33.1% year-on-year; the net profit attributable to equity holders of the company was RMB 1.68 billion, an increase of 29.6% year-on-year. The non-IFRS net profit was RMB 1.99 billion, an increase of 25.7% year-on-year; the non-IFRS net profit attributable to equity holders of the company was RMB 1.87 billion, an increase of 22.5% year-on-year.
The diluted earnings per American depositary share was RMB 1.07, higher than RMB 0.82 in the same period of 2023.
As of June 30, 2024, the total of cash, cash equivalents, time deposits and short-term investments was RMB 35.03 billion.
In the second quarter of this year, Tencent Music had 571 million monthly active users, 117 million paying users of online music services, and 7.9 million paying users of social entertainment services.
