Tencent Music Entertainment's fourth-quarter revenue surpassed $1 billion, marking an 8.2% increase year-over-year, with a notable net profit surge of 47.3%. The company, known for its streaming services including Kugou, QQ Music, and Kuwo, has increasingly focused on its core music services as social entertainment revenue declines due to regulatory pressures. Online music revenue rose 16.1%, fueled by an 18% subscriber growth to 121 million, while gross margins improved significantly, reflecting the company's strategic shift towards higher-value subscription offerings such as the Super VIP program.
Tencent Music Entertainment has demonstrated strong growth in its online music segment, with a revenue increase due to subscriptions and advertising, signaling a successful strategic focus.
The significant revenue rise in online music to $799 million highlights the company's adaptability in a changing market, showcasing growth in both subscription and advertising revenues.
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