Reports Q4 revenue $971M, consensus $943.3M. Reports Q4 online music MAUs 576M. Reports Q4 mobile MAUs 104M. Reports Q4 online music monthly ARPPU RMB 10.7. Reports Q4 social entertainment monthly ARPPU RMB 78. Cussion Pang, executive chairman of TME, commented, “2023 marked a pivotal transition at TME. As we continue to shape and propel the music industry’s robust development, we are excited about its vibrant growth potential for years to come. The fourth quarter recorded accelerated year-over-year growth in music subscription revenue, anchored by consistent increases in subscribers and ARPPU. Online music services’ strong performance mitigated headwinds from social entertainment services and contributed to expanded quarterly net profits. Looking ahead, we are well positioned to capture more multi-faceted opportunities, underpinned by our content and platform dual engines and supported by the online music business’ relatively counter-cyclical nature.”
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