Tencent Music Leisure Group (NYSE: TME), the most important music streaming platform in China, has reported a rise in income and internet earnings for the fourth quarter of 2024, amid continued robust demand for its providers.
Fourth-quarter revenues elevated to RMB7.46 billion (US$1.02 billion) from RMB6.89 billion within the year-ago quarter, primarily reflecting robust development in on-line music providers, which was partially offset by a decline in revenues from social leisure providers and others. In the meantime, On-line Music month-to-month energetic customers declined by 3.5% to 556 million and On-line Music paying customers dropped 13.4% to 121 million.
The corporate reported a internet earnings of RMB2.08 billion (US$284 million) for the fourth quarter, representing a 47.3% year-over-year enhance. On a per-share foundation, This fall earnings per ADS rose to RMB1.26 (US$0.17) from RMB0.83 within the corresponding interval of 2023.
Ross Liang, the corporate’s CEO, mentioned, “Our unwavering concentrate on person expertise and efficient operations have been essential for stellar efficiency in 2024 and can proceed to underpin future improvement. Enriching content material ecosystem, fueled by know-how integration, empowered us to additional innovate and paved the way of music content material consumption.“
