Tencent Music Entertainment Group (TME) recorded healthy growth in total revenues, operating profit, and paying users in the first quarter of 2019.

Driven by a significant increase in paying users, revenues in the three months ended March 31 grew close to 40% year on year to RMB 5.74 billion ($855 million) but still fell short of analyst estimates of RMB 5.8 billion. Operating profit increased by nearly 30% year on year to RMB 1.15 billion.

Mobile monthly active users (MAUs) for online music and social entertainment services rose slightly, but paying users for the two segments increased by more than 27% and 12% year-on-year respectively, reaching 28.4 million and 10.8 million. However, the percentage of paying users remained flat at around 4% of the total mobile MAU for TME’s online music service, same as in 2018.

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Tony Xu

Tony Xu is Shanghai-based tech reporter. Connect with him via e-mail: tony.xu@technode.com