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Tencent Music boosts paying listener numbers 42% in Q3

Tencent Music has reported its financial results for the third quarter. Total revenue rose 31% on-year to reach 6.51 billion yuan ($910 million). That figure included 1.85 billion yuan ($258 million) in revenue from online music services, which rose 26.2% from the year-ago period, and 942 million yuan ($132 million) in revenue from paid music via subscription package sales, up 48.3% on-year. Operating profit for the period increased 11.9% to 1.19 billion yuan ($166 million).

The company made efforts to grow its listener base during the quarter, including programs aimed at attracting students. Mobile monthly active users of Tencent’s online music grew 0.9% to 661 million. The number of paying users for online music increased 42.2% to 35.4 million.

Tencent Music is also expanding its content offerings. It worked to add video content during the period, as well as introducing more audio content such as podcasts and audiobooks.

Anna Washenko

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