The Chinese music streaming company took a hit, but still grew earnings 27.4% year-over-year.
Tencent Music Entertainment (TME), the Chinese music streaming company with 657 million monthly listeners, took a hit from the coronavirus pandemic in the first quarter but was able to grow both music subscribers and revenue.
According to the company’s earnings report released Monday, Q1 music revenues leapt 27.4% year over year to $288 million while monthly average users grew 0.5%. Even though the pandemic led people to spend more time with entertainment, TME’s social media revenue rose just 3.3% even though 256 million people, a 13.3% gain, used its social app, WeSing. Still, music is a relatively low earner for TME; social media delivered an average revenue per media revenue per user of $15.65 compared to a music ARPU of $1.32.