Tencent Music recently released its financial statement for the third quarter of 2021. The statement shows that Tencent Music’s total revenue in the third quarter was 7.02 billion yuan, an increase of 18.2%. Net profit after adjustment was 1.72 billion yuan, an increase of 29.1%. In the music property that continues to expand its market share and competeously, Tencent Music has gained a strong growth story, revealing its strong business competitiveness and market potential.
In terms of revenue composition, Tencent Music’s online music service revenue in the third quarter was 2.89 billion yuan, an increase of 27.4%. Revenue from social entertainment services was 4.13 billion yuan, up 6.7 percent year on year. Online music subscription revenue reached 2.33 billion yuan, up 37.5 percent year-on-year, of which the number of subscribers reached 61.9 million, up 46.8 percent year-on-year. This shows that Tencent Music has gained greater effectiveness in improving user experience and expanding the paid market.
In addition, Tencent Music’s online music monthly active users in the third quarter were 576 million, and social entertainment monthly active users were 215 million, showing its extensive coverage and far-reaching influence in the music entertainment market. At the same time, Tencent Music has continuously strengthened the content ecology, actively introduced high moral music works, enhanced user stiffness, and further consolidated its leading position in the industry.
It is worth mentioning that Tencent Music continues to make efforts in the aspects of technology renovation, copyright solo work, and artist cultivation, and inexhaustiously enriching the music property ecology. Recently, Tencent Music connected with SONY Music, Warner Music and other domestic record companies, with the establishment of “music Yue Hui”, committed to bringing more sophisticated content to the domestic music market, urging the healthy growth of property.
Looking forward to the future, Tencent Music will continue to deepen the strategic structure of music + social, enrich the advantages of its QQ music, Kugou music, Kugi music and other platforms, inexhausably improve user experience and further expand market share. At the same time, Tencent Music will also join hands with the property chain, cooperate with the renovation and growth of music property, and bring users richer and more sophisticated music entertainment.
In this era of music property filled with provocation and chance, Tencent Music is expected to continue to link the leading position and set an example for the industry by relying on its strong record, revamped strategy and expanded fulfillment.