On November 12th, Tencent Music released its unaudited financial performance report for the third quarter. The company achieved a total revenue of 7.02 billion yuan in the quarter, a year-on-year increase of 6.8%; The adjusted net profit was 1.94 billion yuan, a year-on-year increase of 29.1%.
Data shows that in the third quarter, Tencent's online music subscription revenue increased by 20.3% year-on-year to 3.84 billion yuan, and the number of online music paying users increased by 15.5% year-on-year to 119 million yuan. This quarter, Tencent Music's average monthly revenue per paying user (ARPPU) further increased to 10.8 yuan.
According to the financial report, the joint development of content and platform "one body, two wings" is an important driving force for the sustained growth of Tencent Music's paid users. Tencent Music will continue to improve its content ecosystem in the third quarter, consolidate the supply of top music content, and collaborate with industry partners to create high-quality music content; At the same time, we continuously innovate our products and technologies to provide users with more personalized music experiences and rich membership benefits, enhancing the satisfaction of users with different music needs on the platform.