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Tencent Music Reports $640M 2020 Net Profit
Spotify is still struggling to turn a profit. Not so for Tencent Music, China’s largest music streamer.
Tencent Music has announced its financial results for 2020, revealing a dramatic increase in revenue amid a decline in monthly active users across the company’s streaming platforms.
In 2020, Tencent’s music streaming platforms, reported aggregate revenue of 9,349,000,000 RMB (roughly $1.42 billion USD) an increase of 32 percent over the previous year.
As well, Tencent reported increases in profit as well, recording a net profit of 4,176 billion RMB ($640 million USD) for fiscal year 2020, an increase of 14% year-over year.
According to Tencent, revenue growth for their music streaming was mainly attributable to an increase of 38.1% in the number of paying users from 24.4 million in 2018 to 33.7 million in 2019 and an increase of 3.5% in the monthly ARPPU from RMB8.5 in 2018 to RMB8.8 in 2019.