腾讯-2019年Q1腾讯音乐财报(英文)-2019.5-6页.pdf
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1、Tencent MusicTencent Music Entertainment Group Announces First Quarter 2019 Unaudited Financial ResultsSHENZHEN, China, May 13, 2019 /PRNewswire/ - Tencent Music Entertainment Group (Tencent Music, TME, or the Company) (NYSE:TME), the leading online music entertainment platform in China, today annou
2、nced its unaudited financial results for the first quarter endedMarch 31, 2019.Financial HighlightsIn the three months ended March 31, 2019:Revenues were RMB5.74 billion (US$855 million), an increase of 39.4% year-over-year.Operating profit was RMB1.15 billion (US$171 million), an increase of 22.9%
3、year-over-year.Net profit attributable to equity holders of the Company increased by 17.4% year over year to RMB987 million (US$147 million).Non-IFRS net profit attributable to equity holders of the Company (excluding amortization of intangible assets and other assetsarising from business combinatio
4、ns, share-based compensation expenses, net gains or losses from investments, and fair value changeon puttable shares) increased by 14.9% year over year to RMB1.20 billion (US$179 million).We started 2019 with solid first quarter results and strong growth, stated Mr. Cussion Pang, Chief Executive Off
5、icer of Tencent Music. Ourbusinesses recorded healthy growth rates driven by product innovation, content diversification, and technological advancement. During thepast few quarters, we constantly expanded our online music subscriber base while steadily increasing our subscriber retention rate. As ou
6、rusers increasingly consume music content through streaming services, we are riding on this trend to gradually transition into a pay-for-streaming model over the coming years. We also strengthened our market leadership in music-centric social entertainment by focusing onproduct innovation and enhanc
7、ing user experience through data analytics. We remain committed to investing in the provision of premiumcontent as well as innovative product features. We believe that these investments will significantly enhance the level of user engagement forour services and sustain our long-term growth going for
8、ward.Mr. Tony Yip, Chief Strategy Officer of Tencent Music, remarked, In the first quarter of 2019, both online music and social entertainmentservices maintained a healthy growth trajectory. Regarding content development, we not only forged additional partnerships with industry-leading music labels
9、but also strengthened cooperation with other labels to promote and distribute original soundtrack music for popularmovies and TV shows. We added additional video and long-form audio formats to our content offering. For product development, wecontinued to launch social media initiatives and additiona
10、l lite versions of our apps to attract a broader group of users. We alsodeveloped innovative ways for users to enjoy personalization by consistently improving our music content tagging process and analyzing ourplatforms data repository to better fulfill users music tastes and preferences. All of the
11、se initiatives are strategic, long-term investmentsthat will improve our user experience, attract more customers, and increase monetization capabilities going forward.We delivered solid financial results in the first quarter with revenues growing 39.4% year over year to RMB5.74 billion, while non-IF
12、RS netprofit attributable to equity holders of the Company reached RMB1.2 billion, commented Ms. Shirley Hu, Chief Financial Officer of TencentMusic. We generated RMB926 million in operating cash flow in the quarter and as of March 31, 2019, the combined balance of theCompanys cash and cash equivale
13、nts and term deposits amounted to RMB18.1 billion. Our strong profitability and cash flow enable us tocontinue investing in our products and content offering. These investments will help to expand our user base and improve user engagement,both of which are vital to our sustainable growth. We are con
14、fident that such efforts will create long-term shareholder value as well asincrease return on capital for investors.Company and business HighlightsTMEs key operating metrics* continue to grow across both online music and social entertainment services segments. 1Q191Q18YoY %Mobile MAU - online music
15、(million)6546254.6%Mobile MAU - social entertainment (million)2252240.4%Paying users - online music (million)28.422.327.4%Paying users - social entertainment (million)10.89.612.5%Monthly ARPPU - online music (RMB)8.38.4(1.2%)Monthly ARPPU - social entertainment (RMB)127.599.528.1% The Company contin
16、ued to expand its industry-leading music library. As of March 31, 2019, the Companys music library included over35 million tracks from domestic and international music labels.In the first quarter of 2019, the Company further solidified its leadership in content offering through the following initiat
17、ives: (i)establishing a strategic partnership with SM Entertainment Group, a premier music label in Asia that owns one of the largest musicrepositories in Korea; (ii) forging partnerships with other music labels to promote the original soundtrack music of popular movies andTV shows; (iii) collaborat
18、ing with the Companys music label joint venture partner to release a highly popular song, which was streamedseveral hundred million times ; and (iv) diversifying content offering through the addition of video content as well as long and short formaudio content, including talk shows, audiobooks, come
19、dy sketches, and movie review shows.The Company continued to drive product innovation and technological advancement to further expand its monetization capabilities inthe following ways: (i) launching the Grab the Mic feature to further improve user engagement on the WeSing app; (ii) utilizing moresi
20、nging contest features to help emerging live streaming performers achieve better user-to-follower conversion rates; (iii) adding moreaudio settings including ones that mimic virtual surroundings; and (iv) enhancing music content tagging capabilities to increase theaccuracy of recommendation algorith
21、ms. * For the definitions of the above operating metrics, please refer to the introduction section in the Companys 20F filed on April 19,2019.First quarter 2019 Financial ResultsRevenuesTotal revenues for the first quarter of 2019 increased by RMB1.62 billion, or 39.4%, to RMB5.74 billion (US$855 mi
22、llion) from RMB4.12 billionin the same period of 2018.Revenues from online music services for the first quarter of 2019 increased by 28.0% to RMB1.61 billion (US$239 million) from RMB1.25billion in the same period of 2018, which was mainly driven by increased revenues from (i) user subscriptions; (i
23、i) sublicensing musiccontent to other companies, including third-party music platforms and Tencent Group; and (iii) sales of digital music albums. Revenuefrom paid music through sales of subscription packages was RMB710 million (US$106 million), up from RMB565 million in the firstquarter of 2018.Rev
24、enues from social entertainment services and others for the first quarter of 2019 increased by 44.3% to RMB4.13billion (US$616million) from RMB2.86 billion in the same period of 2018, primarily driven by revenue growth in both online karaoke and live streamingservices. The Company expanded its payin
25、g user base by 12.5% and increased ARPPU by 28.1% in the first quarter of 2019, comparedto the same period of 2018.Cost of RevenuesCost of revenues for the first quarter of 2019 increased by 52.2% to RMB3.70 billion (US$552 million) from RMB2.43 billion in the sameperiod of 2018, primarily due to th
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