The China-based music streaming giant, which operates music services, QQ Music, Kugou and Kuwo, generated total revenues of RMB7.37 billion (USD $1.04 billion) in Q3, representing a 5.6% year-over-year decrease. Revenues from online music services for Q3 2022 increased by 18.8% to RMB3.43 billion (USD $482 million) from RMB2.89 billion in Q3 2021. TME says that this increase was driven by strong growth in music subscription revenues.
Source: Tencent Music Entertainment reaches 85.3m paying music users, up 19.8% YoY