Tencent Music Entertainment Group (NYSE:TME) Q2 2023 Results Conference Call August 15, 2023 8:00 AM ET
Company Participants
Tony Yip - Chief Strategy Officer
Kar Shun Pang - Executive Chairman
Ross Liang - Chief Executive Officer
Shirley Hu - Chief Financial Officer
Conference Call Participants
Alex Yao - JPMorgan
Lei Zhang - Bank of America Merrill Lynch
Alex Poon - Morgan Stanley
Lincoln Kong - Goldman Sachs
Alicia Yap - Citicorp
Thomas Chong - Jefferies
Xueqing Zhang - CICC
Tony Yip
Good evening and good morning. Welcome to Tencent Music Entertainment Group's Second Quarter 2023 Earnings Webinar. TME announced its quarterly financial results today before the U.S. market opens and earnings release is now available on our IR website at ir.tencentmusic.com as well as via Newswire services.
Today, you'll hear from Mr. Kar Shun 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, as CSO, will offer additional thoughts on our product strategies, operations and business developments. Finally, with Shirley Hu, our CFO, we will address our financial results before we open the call for questions.
Before we continue, I refer you to our safe harbor statements 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 will be a Q&A session. And please be advised that today's webinar is being recorded.
With that, I'm pleased to turn the call over to Kar Shun, Executive Chairman of TME. Kar Shun?
Kar Shun Pang
Thanks, Tony. Hello, everyone, and thank you for joining our call today. We're pleased to report a solid second quarter with total revenues increasing by 6% and adjusted net profit of 48% year-over-year. These solid results were once again supported by our online music services, strong momentum. 10 years, TME has been dedicated to driving the health in development of China's online music industry following our long-standing efforts, we are pleased to see users becoming increasingly accustomed and we're willing to pay for copyright music.
Whether for songs, they want to listen to or for the premium listening features, they enjoy. Right on this way, we are happy to see that our online leasing paying ratio and monthly ARPPU reached an all-time line of 16.7% and RMB9.7 respectively. Such achievements drove revenues from this business player in the recorded quarter to exceed that of social entertainment services for the first time in our history. This is a strong testament to our progress in developing a robust online leasing business model and marks a significant step along TME's growth plan.