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Tencent Music Entertainment Group Announces Third Quarter 2024 Unaudited Financial Results

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SHENZHEN, China, Nov. 12, 2024 /PRNewswire/ — Tencent Music Entertainment Group (“TME,” or the “Company”) (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Total revenues were RMB7.02 billion (US$1.0 billion), representing a 6.8% year-over-year increase, primarily due to strong year-over-year growth in revenues from online music services, and partially offset by a decline in revenues from social entertainment services and others.Revenues from music subscriptions were RMB3.84 billion (US$547 million), representing 20.3% year-over-year growth. The number of paying users increased by 15.5% year-over-year to 119.0 million, up by 2.0 million from the second quarter of 2024. ARPPU grew 4.9% year-over-year to RMB10.8.Net profit was RMB1.71 billion (US$244 million), representing 35.3% year-over-year growth. Net profit attributable to equity holders of the Company was RMB1.58 billion (US$226 million), representing 35.5% year-over-year growth. Non-IFRS net profit[1] was RMB1.94 billion (US$276 million), representing 29.1% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB1.81 billion (US$258 million), representing 28.8% year-over-year growth.Diluted earnings per ADS was RMB1.01 (US$0.14), up from RMB0.74 in the same period of 2023.Total cash, cash equivalents, term deposits and short-term investments as of September 30, 2024 were RMB36.04 billion (US$5.14 billion).  As of September 30, 2024, the Company had repurchased 42.1 million ADSs in the open market with cash for a total consideration of US$335.5 million, of which approximately US$100 million were repurchased in the third quarter.

Mr. Cussion Pang, Executive Chairman of TME, commented, “Our commitment to high-quality growth is reflected in another solid quarterly performance. The steady expansion of our music subscribers and diversified music services continue to drive overall growth and profitability. We are encouraged by the growing synergies between our platform and well-established content ecosystem, which have become a vital force in empowering us to seize new opportunities for long-term, sustainable growth.”

Mr. Ross Liang, CEO of TME, continued, “This quarter’s robust music subscription performance, with better-than-expected net subscriber additions and an expanding ARPPU, highlights the effectiveness of our balanced approach to achieve growth, which is important to drive paying user base expansion in the coming years. By offering enriched and differentiated user privileges, our value proposition for more premium memberships has been well accepted, cultivating greater loyalty on our platform.”

Third Quarter 2024 Operational Highlights 

Key Operating Metrics

3Q24

3Q23

YoY %

MAUs – online music (million)

576

594

(3.0 %)

Mobile MAUs – social entertainment (million)

90

129

(30.2 %)

Paying users – online music (million)

119.0

103.0

15.5 %

Paying users – social entertainment (million)

7.9

7.8

1.3 %

Monthly ARPPU – online music (RMB)

10.8

10.3

4.9 %

Monthly ARPPU – social entertainment (RMB)

64.8

86.2

(24.8 %)

Dynamic and robust content ecosystem enabled us to diversify our offerings and capitalize on emerging trends swiftly.

Expanded and deepened partnerships with leading record labels: 1) Renewed contracts with YH Entertainment Group and Image Music Group to include early access for new song releases. 2) Strategic alliance with Galaxy Corporation further strengthened our advantage in K-pop content offerings, including digital albums, merchandise, and multi-year hosting rights for G-Dragon’s concerts in Asia and other regions.Elevated our industry impact through hosting influential and tailored concert events: 1) Successfully staged TME’s Zebra Music Festival in September, a two-day live music event attracting nearly 65,000 music fans, featuring performances from leading artists such as Chen Chusheng, Joker Xue, and Zhang Yuan[2], alongside Tencent musicians and other popular artists Leon Liu, Zhao Lei, and Suede[2]. 2) Organized pop singer and songwriter Yu Jiayun’s live concert, marking his first-ever ticketed show with over 10,000 attendees. Produced and promoted chart-topping theme songs for popular Tencent games such as League of Legends: Wild Rift and Peacekeeper Elite, and elevated engagement by offering in-game benefits to listeners.Collaborated with artists and labels to offer Super VIP (SVIP) members additional privileges, enhancing conversion and loyalty. This includes: 1) Complimentary access to an extensive digital album collection. 2) Proprietary concerts and fan engagement activities, such as pre-sales for ticket concerts by G.E.M., Mariah Carey, and TIA RAY[2] during the quarter.  

Effective operations and expansive privileges led to subscriber base expansion and SVIP adoption, paving a strong foundation for sustained future growth.

Enhanced recommendation algorithms increased overall subscriber conversion, with recommendation-driven streams reaching a record high.Introduced more personalized product features including dynamic player skins, audio players, and ringtones; collaborated with popular IPs such as Black Myth: Wu Kong, Crayon Shin-chan, and Disney to drive engagement. Leveraged expanding LLM capabilities to improve contents production and discovery effectiveness.Over 10 million SVIP subscribers as of the end of September 2024, with blended ARPPU and user engagement higher than non-SVIP subscribers.For SVIP adoption, premium audio quality and enriched long-form audio offerings were some of the key growth drivers. Features such as QQ Music’s Premium Sound, DTS sound quality, and Kugou Music’s Viper Ultra Sound helped enhance SVIP member experiences. We also expanded the Viper series privileges to in-vehicle use through strengthened partnerships with Xiaomi, Li Auto, and NIO.

Third Quarter 2024 Financial Review

Total revenues increased by 446 million, or 6.8%, to RMB7.02 billion (US$1.0 billion) from RMB6.57 billion in the same period of 2023.

Revenues from online music services delivered a strong year-over-year increase of 20.4% to RMB5.48 billion (US$781 million) from RMB4.55 billion in the same period of 2023. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from advertising services. Revenues from music subscriptions were RMB3.84 billion (US$547 million), representing 20.3% year-over-year growth compared with RMB3.19 billion in the same period of 2023. This rapid growth was driven by continuous expansion in the online music paying user base and improved ARPPU. The number of online music paying users increased by 15.5% year-over-year to 119.0 million, with a monthly ARPPU of RMB10.8 in the third quarter of 2024. The increase in the number of paying users and monthly ARPPU was primarily due to high quality contents, attractive membership privileges, optimized user operations and effective promotions, as well as the expansion of SVIP membership program. The year-over-year increase in revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, such as ad-supported mode. Additionally, increased revenues from offline performances also contributed to the growth in revenues from online music services.Revenues from social entertainment services and others decreased by 23.9% to RMB1.54 billion (US$219 million) from RMB2.02 billion in the same period of 2023. The continued decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures implemented. Meanwhile, we continue to focus on the healthy growth in advertising and VIP memberships within social entertainment.   

Cost of revenues decreased by 4.8% year-over-year to RMB4.02 billion (US$573 million), mainly due to decreased revenues from social entertainment services that led to less revenue sharing fees, partially offset by increased costs related to offline concerts and music festivals, content costs of royalties and payment channel fees.

Gross margin increased to 42.6% from 35.7% in the same period of 2023, primarily due to strong revenue growth from music subscriptions and advertising services, and the ramp-up of our own content.

Total operating expenses decreased by 3.9% year-over-year to RMB1.22 billion (US$174 million). Operating expenses as a percentage of total revenues decreased to 17.4% from 19.3% in the same period of 2023.

Selling and marketing expenses were RMB220 million (US$31 million), which were relatively stable compared with same period of last year. We continue to maintain ROI focused approach for promotion expenses.General and administrative expenses were RMB1.00 billion (US$142 million), representing a 4.9% year-over-year decrease. This decrease was primarily due to reduced employee-related expenses.

Total operating profit was RMB2.14 billion (US$306 million) in the third quarter of 2024, representing an increase of 50.5% year-over-year.

The effective tax rate for the third quarter of 2024 was 17.7% compared with 12.2% in the same period of 2023. The increase in the effective tax rate was mainly driven by the accrual of withholding income tax of RMB113 million (US$16 million) in the third quarter of 2024.

For the third quarter of 2024, net profit was RMB1.71 billion (US$244 million) and net profit attributable to equity holders of the Company was RMB1.58 billion (US$226 million). Non-IFRS net profit was RMB1.94 billion (US$276 million) and non-IFRS net profit attributable to equity holders of the Company was RMB1.81 billion (US$258 million). Please refer to the section in this press release titled “Non-IFRS Financial Measure” for details.

Basic and diluted earnings per American Depositary Shares (“ADS”) for the third quarter of 2024 were RMB1.02 (US$0.15) and RMB1.01 (US$0.14), respectively; non-IFRS basic and diluted earnings per ADS were RMB1.17 (US$0.17) and RMB1.16 (US$0.16), respectively. The Company had weighted averages of 1.55 billion basic and 1.57 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company’s Class A ordinary shares.

As of September 30, 2024, the combined balance of the Company’s cash, cash equivalents, term deposits and short-term investments amounted to RMB36.04 billion (US$5.14 billion), compared with RMB35.03 billion as of June 30, 2024.

Share Repurchase Program

Under the US$500 million Share Repurchase Program announced on March 21, 2023, as of September 30, 2024, we had repurchased 42.1 million ADSs in the open market with cash for a total consideration of US$335.5 million.

Environmental, Social, and Governance (“ESG”)

In the third quarter, we published our inaugural ESG report, detailing our practices and achievements across environmental, social, and governance areas. This report underscores our unwavering commitment to sustainable development and corporate social responsibility.

Additionally, the Tencent Musician Platform was recognized as one of China’s first model cases for its national copyright powerhouse strategy recently, honoring our contributions to music copyright protection and the advancement of the music industry.  

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Non-IFRS Financial Measure

The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects.

Please see the “Unaudited Non-IFRS Financial Measure” included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period.

[1] Non-IFRS net profit and non-IFRS net profit attributable to equity holders of the Company were arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects.

[2] Names of artists and bands contained in this press release are sorted according to the following rules: (i) grouped by artists and bands: and (ii)in alphabetical order by full names.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to create endless possibilities with music and technology. TME’s platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

Tencent Music Entertainment Group
ir@tencentmusic.com
+86 (755) 8601-3388 ext. 818415

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONSOLIDATED INCOME STATEMENTS

Three Months Ended September 30

Nine Months Ended September 30

2023

2024

2023

2024

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

(in millions, except per share data)

(in millions, except per share data)

Revenues

Online music services

4,553

5,480

781

12,303

15,911

2,267

Social entertainment services and others

2,016

1,535

219

8,556

5,032

717

6,569

7,015

1,000

20,859

20,943

2,984

Cost of revenues

(4,227)

(4,024)

(573)

(13,705)

(12,171)

(1,734)

Gross profit

2,342

2,991

426

7,154

8,772

1,250

Selling and marketing expenses

(219)

(220)

(31)

(642)

(617)

(88)

General and administrative expenses

(1,049)

(998)

(142)

(3,110)

(2,885)

(411)

Total operating expenses

(1,268)

(1,218)

(174)

(3,752)

(3,502)

(499)

Interest income 

273

299

43

775

881

126

Other gains, net

78

72

10

168

150

21

Operating profit

1,425

2,144

306

4,345

6,301

898

Share of net profit of investments accounted
for using equity method

49

29

4

107

65

9

Finance cost

(35)

(97)

(14)

(111)

(153)

(22)

Profit before income tax

1,439

2,076

296

4,341

6,213

885

Income tax expense

(176)

(367)

(52)

(530)

(1,180)

(168)

Profit for the period

1,263

1,709

244

3,811

5,033

717

Attributable to:

Equity holders of the Company

1,168

1,583

226

3,614

4,687

668

Non-controlling interests

95

126

18

197

346

49

Earnings per share for Class A and Class B
ordinary shares

Basic

0.37

0.51

0.07

1.16

1.52

0.22

Diluted

0.37

0.50

0.07

1.14

1.50

0.21

Earnings per ADS (2 Class A shares equal to 1 ADS)

Basic

0.75

1.02

0.15

2.31

3.04

0.43

Diluted

0.74

1.01

0.14

2.28

2.99

0.43

Shares used in earnings per Class A and Class B
ordinary share computation:

Basic

3,134,975,498

3,092,300,590

3,092,300,590

3,127,809,736

3,087,337,746

3,087,337,746

Diluted

3,173,371,472

3,134,713,201

3,134,713,201

3,172,090,075

3,132,654,290

3,132,654,290

ADS used in earnings per ADS computation

Basic

1,567,487,749

1,546,150,295

1,546,150,295

1,563,904,868

1,543,668,873

1,543,668,873

Diluted

1,586,685,736

1,567,356,601

1,567,356,601

1,586,045,038

1,566,327,145

1,566,327,145

 

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

UNAUDITED NON-IFRS FINANCIAL MEASURE

Three Months Ended September 30

Nine Months Ended September 30

2023

2024

2023

2024

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

(in millions, except per share data)

(in millions, except per share data)

Profit for the period

1,263

1,709

244

3,811

5,033

717

Adjustments:

Amortization of intangible and other assets arising from
business acquisitions or combinations*

101

109

16

334

330

47

Share-based compensation

185

168

24

553

525

75

(Gains)/losses from investments**

(3)

(30)

16

2

Income tax effects***

(43)

(46)

(7)

(123)

(167)

(24)

Non-IFRS Net Profit

1,503

1,940

276

4,545

5,737

818

Attributable to:

Equity holders of the Company

1,408

1,814

258

4,348

5,391

768

Non-controlling interests

95

126

18

197

346

49

Earnings per share for Class A and Class B
ordinary shares

Basic

0.45

0.59

0.08

1.39

1.75

0.25

Diluted

0.44

0.58

0.08

1.37

1.72

0.25

Earnings per ADS (2 Class A shares equal to 1 ADS)

Basic

0.90

1.17

0.17

2.78

3.49

0.50

Diluted

0.89

1.16

0.16

2.74

3.44

0.49

Shares used in earnings per Class A and Class B
ordinary share computation:

Basic

3,134,975,498

3,092,300,590

3,092,300,590

3,127,809,736

3,087,337,746

3,087,337,746

Diluted

3,173,371,472

3,134,713,201

3,134,713,201

3,172,090,075

3,132,654,290

3,132,654,290

ADS used in earnings per ADS computation

Basic

1,567,487,749

1,546,150,295

1,546,150,295

1,563,904,868

1,543,668,873

1,543,668,873

Diluted

1,586,685,736

1,567,356,601

1,567,356,601

1,586,045,038

1,566,327,145

1,566,327,145

* Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and non-compete
 agreement etc., and fair value adjustment on music content (i.e., signed contracts obtained for the rights to access to the music contents for which the amount was amortized over the contract period),
resulting from business acquisitions or combination.

** Including the net gains/losses on deemed disposals/disposals of investments, fair value changes arising from investments, impairment provision of investments and other expenses in relation to
equity transactions of investments.

*** Represents the income tax effects of Non-IFRS adjustments.

 

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONSOLIDATED BALANCE SHEETS

As at December 31, 2023

As at September 30, 2024

 RMB 

 RMB 

 US$ 

 Audited 

 Unaudited 

 Unaudited 

(in millions)

ASSETS

Non-current assets

Property, plant and equipment

490

704

100

Land use rights

2,437

2,382

339

Right-of-use assets

367

312

44

Intangible assets

2,032

1,996

284

Goodwill

19,542

19,647

2,800

Investments accounted for using equity method 

4,274

4,571

651

Financial assets at fair value through other comprehensive income 

6,540

11,777

1,678

Other investments

307

327

47

Prepayments, deposits and other assets

540

454

65

Deferred tax assets

352

388

55

Term deposits

8,719

7,529

1,073

45,600

50,087

7,137

Current assets

Inventories

8

18

3

Accounts receivable

2,918

2,935

418

Prepayments, deposits and other assets

3,438

3,000

427

Other investments

37

48

7

Term deposits

9,937

18,306

2,609

Restricted Cash 

31

10

1

Cash and cash equivalents

13,567

10,209

1,455

29,936

34,526

4,920

Total assets

75,536

84,613

12,057

EQUITY

Equity attributable to equity holders of the Company

Share capital

2

2

0

Additional paid-in capital

36,576

36,702

5,230

Shares held for share award schemes

(302)

(514)

(73)

Treasury shares 

(6,996)

(7,538)

(1,074)

Other reserves

9,658

16,727

2,384

Retained earnings

16,969

18,106

2,580

55,907

63,485

9,047

Non-controlling interests

1,295

1,744

249

Total equity

57,202

65,229

9,295

LIABILITIES

Non-current liabilities

Notes payables

5,636

3,481

496

Deferred tax liabilities

239

234

33

Lease liabilities

297

235

33

Deferred revenue 

148

163

23

6,320

4,113

586

Current liabilities

Accounts payable 

5,006

6,523

930

Other payables and other liabilities

3,472

2,786

397

Notes payables

2,099

299

Current tax liabilities

567

823

117

Lease liabilities

115

109

16

Deferred revenue

2,854

2,931

418

12,014

15,271

2,176

Total liabilities

18,334

19,384

2,762

Total equity and liabilities

75,536

84,613

12,057

 

 

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended September 30

Nine Months Ended September 30

2023

2024

2023

2024

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited 

 Unaudited 

 Unaudited 

(in millions)

(in millions)

Net cash provided by operating activities 

1,441

2,165

309

5,360

7,795

1,111

Net cash used in investing activities 

(1,142)

(3,337)

(476)

(1,670)

(8,142)

(1,160)

Net cash used in financing activities

(849)

(882)

(126)

(962)

(3,015)

(430)

Net (decrease)/increase in cash and cash equivalents 

(550)

(2,054)

(293)

2,728

(3,362)

(479)

Cash and cash equivalents at beginning of the period

12,950

12,251

1,746

9,555

13,567

1,933

Exchange differences on cash and cash equivalents

(19)

12

2

98

4

1

Cash and cash equivalents at end of the period

12,381

10,209

1,455

12,381

10,209

1,455

 

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SOURCE Tencent Music Entertainment Group

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Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365

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NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.

Best Accounting Software for Medium-Sized Business UK

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Growing Demand for Scalable Financial Systems in the UK Mid-Market

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The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

Disclaimer

Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.

Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.

 

View original content:https://www.prnewswire.com/news-releases/best-accounting-software-for-medium-sized-business-uk-2026-quickbooks-advanced-recognised-as-a-scalable-finance-platform-for-uk-mid-market-businesses-by-consumer365-302766759.html

SOURCE Consumer365.org

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BOE continues to launch new products and solutions in the field of high-end displays

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LOS ANGELES, May 9, 2026 /PRNewswire/ — 

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization,which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation.  BOE takes the lead in integrating such optics into displays,achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions,supported by 7 core BNL technologies, to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association,and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html

SOURCE BOE Technology Group Co., Ltd.

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BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

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LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital

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