Tencent Music announced second-quarter results late Monday showing flat mobile user growth and a slight dip in how much revenue the firm is squeezing out of each user.
The company reported total revenue of ¥5.90 billion Chinese yuan during the quarter ended June 30, a 33% year-over-year increase, but only a small bump from Q1 when that number was ¥5.74 billion .
The company recorded a net operating profit of ¥1.09 billion during the quarter, an increase of 7% year-over-year but down from Q1's $171 million. Increases in content expenses and revenue sharing fees drove the cost of revenues for Q1 by 46.1% to ¥3.96 billion . Gross profit or the quarter increased by 8.1% to ¥1.94 billion . Total operating expenses reached ¥1.05 billion , down $2 million from last quarter.
ARPPU for Tencent's social apps, such as WeSing, enjoyed a 16.5 percent increase over last year to roughly $18.39 per user.Since the quarter in question wrapped up, TME's parent company, Tencent Holdings announced plans to purchase a 10% stake in Vivendi's Universal Music Group, one of its main sources of licensed music.
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