Tencent Music Entertainment (NYSE:TME) Q4 2023 Results Conference Call March 19, 2024 7:00 AM ET
Company Participants
Millicent Tu - Head of Investor Relations
Kar Shun Pang - Executive Chairman
Ross Liang - Chief Executive Officer
Shirley Hu - Chief Financial Officer
Conference Call Participants
Alex Poon - Morgan Stanley
Alicia Yap - Citigroup
Lincoln Kong - Goldman Sachs
Fang Wei - Mizuho
Zhang Lei - Bank of America Merrill Lynch
Xueqing Zhang - CICC
Thomas Chong - Jefferies
Millicent Tu
Good evening, good morning and welcome to Tencent Music Entertainment Group's Fourth Quarter and Full Year 2023 Earnings Conference Call. I'm Millicent Tu, Head of IR at TME. We announced our quarterly financial results today before the U.S. Market opened. An earnings release is now available on our IR website and via Newswire services.
Today, you will hear Mr. Kar Shun Pang, our Executive Chairman; and Mr. Ross Liang, our CEO, who will share an overview of our company's strategies and business updates. And then Ms. Shirley Hu, our CFO, will discuss our financial results before we open the call for questions.
Before we continue, I refer you to our safe harbor statements in our earnings release, which applies to this call as we'll make forward-looking statements. Please 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 remarks, there will be a Q&A session. And please be advised that today's call 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
Thank you, Millicent. Hello, everyone, and thank you for joining our call today.
2023 marked our official transition at TME, as we remained dedicated to driving growth and prosperity across our music ecosystem while compiling the development of the entire music industry. Notably, our subscriber cost supplies with the 100 million milestone in 2023. We added 18.2 million subscribers for the full year, up from 12.3 million in 2022, a compelling testament to our content leadership, platform value, and high quality user experience.
These streams grow consistent growth in music paying users and per user spend, anchoring our subscription revenues accelerating year-over-year growth throughout the year. In particular, in the fourth quarter of 2023, online music record faster than expected revenue growth. Paying users and ARPPU rose by over 20% year-over-year to RMB107 million and RMB10.7 respectively.