TencentMusicTencentMusicEntertainmentGroupAnnouncesFirstQuarter2019UnauditedFinancialResultsSHENZHEN,China,May13,2019/PRNewswire/--TencentMusicEntertainmentGroup("TencentMusic","TME",orthe"Company")(NYSE:TME),theleadingonlinemusicentertainmentplatforminChina,todayannounceditsunauditedfinancialresultsforthefirstquarterendedMarch31,2019.FinancialHighlightsInthethreemonthsendedMarch31,2019:RevenueswereRMB5.74billion(US$855million),anincreaseof39.4%year-over-year.OperatingprofitwasRMB1.15billion(US$171million),anincreaseof22.9%year-over-year.NetprofitattributabletoequityholdersoftheCompanyincreasedby17.4%yearoveryeartoRMB987million(US$147million).Non-IFRSnetprofitattributabletoequityholdersoftheCompany(excludingamortizationofintangibleassetsandotherassetsarisingfrombusinesscombinations,share-basedcompensationexpenses,netgainsorlossesfrominvestments,andfairvaluechangeonputtableshares)increasedby14.9%yearoveryeartoRMB1.20billion(US$179million)."Westarted2019withsolidfirstquarterresultsandstronggrowth,"statedMr.CussionPang,ChiefExecutiveOfficerofTencentMusic."Ourbusinessesrecordedhealthygrowthratesdrivenbyproductinnovation,contentdiversification,andtechnologicaladvancement.Duringthepastfewquarters,weconstantlyexpandedouronlinemusicsubscriberbasewhilesteadilyincreasingoursubscriberretentionrate.Asourusersincreasinglyconsumemusiccontentthroughstreamingservices,weareridingonthistrendtograduallytransitionintoapay-for-streamingmodeloverthecomingyears.Wealsostrengthenedourmarketleadershipinmusic-centricsocialentertainmentbyfocusingonproductinnovationandenhancinguserexperiencethroughdataanalytics.Weremaincommittedtoinvestingintheprovisionofpremiumcontentaswellasinnovativeproductfeatures.Webelievethattheseinvestmentswillsignificantlyenhancethelevelofuserengagementforourservicesandsustainourlong-termgrowthgoingforward."Mr.TonyYip,ChiefStrategyOfficerofTencentMusic,remarked,"Inthefirstquarterof2019,bothonlinemusicandsocialentertainmentservicesmaintainedahealthygrowthtrajectory.Re...
