By Emmanuel Legrand
China's leading music streaming platform Tencent Music Entertainment Group (TME) has reported an impressive year-over-year 42.6% growth in online music paying users to 60.9 million for the first quarter of 2021, out of a total of 615 million monthly active users (MAUs).
The company's paying to free ratio was 9.9%, up from 8.0% and 9.0% in the third and fourth quarters of 2020, respectively.
Total revenues reached RMB7.82 billion ($1.19bn) for the quarter, up 24.0% y-o-y. Online music services revenues grew by 34.5% y-o-y. Revenues from music subscriptions were RMB1.69bn ($258m), representing 40.2% year-over-year growth.
Starting the year on a solid note
Revenues from advertising services recorded over 100% year-over-year growth. Net profit of the Company was RMB979m ($149m).
"2021 began on a solid note as we hit multiple milestones across the spectrum of our business, while investing in future initiatives aimed at improving our long-term positioning," said Cussion Pang, Executive Chairman of Tencent Music.
TME operates QQ Music, Kugou Music and Kuwo Music, as well as karaoke platform WeSing.
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