On Tuesday, Tencent Music Entertainment posted revenue of RMB 7.43 billion ($1.08 billion) for the fourth quarter of 2022, a 2.4% decline compared to the same period the previous year. However, the company reported that its net income doubled to RMB 1.15 billion from a year prior. The company’s revenue from music subscriptions accounted for nearly half of the quarter’s overall total, while its former main revenue source, social entertainment services, made up 52% of the total revenue in the September-December period. Revenue from social entertainment services has now declined for several consecutive quarters for the company. Despite an increase in paying users on its music platforms to 88.5 million, a growth of 16.1% year-on-year, TME’s mobile monthly active users for music platforms and social entertainment platforms decreased by 7.8% and 16.6% to 567 million and 146 million, respectively. [TME release]