Tencent Music $TME Announces Q1 2021 Unaudited Financial Results
Financial and Operational Highlights
\- Total revenues were RMB7.82 billion (US$1.19 billion), representing an increase of 24.0% year-over-year.
\- Online music paying users reached 60.9 million, increasing by 42.6% year-over-year. On a sequential basis, the number of online music paying users grew by 4.9 million, the largest quarterly net increase since 2016. Paying ratio was 9.9%, up from 8.0% and 9.0% in the third and fourth quarters of 2020, respectively.
\- Online music services revenues grew by 34.5% year-over-year. Revenues from music subscriptions were RMB1.69 billion (US$258 million), representing 40.2% year-over-year growth. Revenues from advertising services recorded over 100% year-over-year growth.
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