Tencent Music Entertainment (TME) has released an update.
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Tencent Music Entertainment Group reported a slight revenue dip of 3.4% year-over-year in Q1 2024, largely attributed to lower social entertainment services, offset by a 39.2% surge in music subscription revenues. The company saw a substantial 27.5% growth in net profit, with a record addition of 6.8 million paying music subscribers. Amidst operational adjustments and competitive challenges, Tencent Music also declared an annual cash dividend payout of approximately $210 million to shareholders.
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