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May 17, 2022 09:46 AM (GMT+8) · EqualOcean
On May 17, Tencent Music Entertainment Group (hereinafter referred to as "TME"), China's online music and audio entertainment platform, released its unaudited financial report for the first quarter ended March 31, 2022. In the three months ended March 31, 2022, the company's net profit was 649 million yuan (US $102 million), and the net profit under non IFRS was 939 million yuan (US $148 million), up 7.6% month on month; The total revenue was RMB 6.64 billion (US $1.05 billion), a year-on-year decrease of 15.1%; Online music subscription revenue increased by 17.8% year-on-year to RMB 1.99 billion (US $314 million); Online music paid users reached 80.2 million, a year-on-year increase of 31.7%, of which the net growth was 4 million month on month. The payment rate reached 13.3%, higher than 9.9% in the same period last year and 12.4% in the fourth quarter of 2021; The net profit attributable to shareholders of the company is 609 million yuan (96 million US dollars). In the first quarter of 2022, TME's overall performance was stable, and the company's adjusted net profit and other core data met market expectations. The number of online music paying users reached 80.2 million, another milestone high, and the payment rate exceeded 13%. Due to the short-term loss of some mild users and the reduction of promotion expenses brought by the company's cautious cost control, the company's online music mobile Mau decreased slightly year-on-year.

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