Tencent Music Entertainment announces 34% revenue growth in 2019

BEIJING - Leading Chinese online music streaming platform Tencent Music Entertainment has reported its total revenue increased by 34 percent year-on-year to 25.43 billion yuan ($3.63 billion) in 2019.

Net profit attributable to equity holders of the company surged by 117.2 percent year-on-year to 3.98 billion yuan, the company said Tuesday.

The company saw steady growth in online music paying users in the fourth quarter of 2019, up 47.8 percent year-on-year to 39.9 million, increasing by 4.5 million quarterly, compared with growth of 4.4 million in the previous quarter.

"Revenue from our online music services grew 40.7 percent year-on-year, fueled by the 60.1-percent year-on-year increase in music subscription revenue as a result of record growth in paying users and the rise in average revenue per paying user," said Shirley Hu, chief financial officer of Tencent Music.

Tencent Music owns popular streaming apps QQ Music, Kugou Music and Kuwo Music, and karaoke app WeSing. It started trading on the New York Stock Exchange in December 2018.