Tencent Music Entertainment Group recently published its unaudited financial report for the third quarter ended September 30, 2020.
According to the report, the company’s total operating revenue was CNY7.58 billion, a year-on-year increase of 16.4%; its net profit attributable to shareholders was CNY1.13 billion; and its net profit under non-IFRS was CNY1.35 billion.
At the same time, its revenue from online music subscription saw a strong growth, which increased by 55% year-on-year to CNY1.46 billion. During the third quarter of 2020, Tencent Music’s paid users of online music achieved a historic breakthrough, reaching a record high of 51.7 million, and the payment rate reached 8%.
Peng Jiaxin, CEO of Tencent Music Entertainment Group, said that the performance in the third quarter reflects that they have made a milestone breakthrough in their core business by constantly exploring new opportunities in the dynamic development of China’s online music industry.