TME Q4 revenue declined 7.2% to $971M, surpassing expectations, with online music service revenues increasing 41.1% Y/Y.
Tencent Music Entertainment Group (TME) reported a 7.2% decline in Q4 revenue to $971M, surpassing the consensus of $932M. The Chinese music and audio platform's adjusted EPS of $0.14 was in line with the consensus. Despite a 4.2% decrease in monthly active users (MAUs) for online music to 576M, monthly ARPPU grew by 20.2% Y/Y to $10.7. Paying users increased by 20.6% Y/Y to 106.7M. Online music service revenues grew by 41.1% Y/Y to $707M, while music subscription revenues increased by 45.3% Y/Y to $481M.
March 19, 2024
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