Tencent Music Entertainment Group (TME) Q1 2023 Earnings Call Transcript

Tencent Music Entertainment Group (NYSE:TME) Q1 2023 Results Earnings Conference Call May 16, 2023 7:00 AM ET

Company Participants

Tony Yip - Chief Strategy Officer

Cussion Pang - Executive Chairman

Ross Liang - Chief Executive Officer

Shirley Hu - Chief Financial Officer

Conference Call Participants

Alex Poon - Morgan Stanley

Alicia Yap - Citigroup

Lei Zhang - Bank of America Securities

Wei Xiong - UBS

Xueqing Zhang - CICC

Yiwen Zhang - China Renaissance

Wei Fang - Mizuho Securities

Tony Yip

Good evening and good morning. Welcome to Tencent Music Entertainment Group's first Quarter 2023 Earnings Webinar. TME announced quarterly financial results today after market close and earnings release is now available on our IR website at ir.tencentmusic.com as well as via newswire services.

Today you hear from Mr. Cussion Pang, our Executive Chairman, who will start the call with an overview of our recent updates. Next, Mr. Ross Liang, our CEO, and I, Tony Yip, CSO, will offer additional thoughts on our product strategies, operations and business developments. Finally, Ms. Shirley Hu, our CFO, will address our financial results before we open the call for questions.

Before we continue, I refer you to our Safe Harbor statement in our earnings press release, which applies to this call, as we will make forward-looking statements. Please also note that the company will discuss non-IFRS measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under IFRS in the company's earnings release and filings with the SEC.

At this time, all participants are muted. After management's presentation, there'll be a Q&A session. [Operator Instructions]. And please be advised that today's webinar is being recorded.

With that, I'm pleased to turn the call over to Cussion, Executive Chairman of TME. Cussion?

Cussion Pang

Thank you, Tony. Hello, everyone. And thank you for joining our call today. We are off to a great start in 2023. Our strategic emphasis on quality growth propelled strong growth of our online music revenues in the first quarter. As the revenue size of our online music services has now catch up with social entertainment services for the first time, it signifies that our long-term commitment to developing a sustainable online music business model is bearing fruit. In addition to a healthy increase in our total revenues, our focus on efficiencies optimization also drove robust net product growth.