CNBC AI News, August 12th – Tencent Music Entertainment (TME) just dropped its Q2 earnings report, revealing a robust 17.9% year-over-year revenue jump, landing at RMB 8.44 billion.
The total revenue figure reflects a healthy trajectory. More impressively, TME’s adjusted net profit surged by a significant 33.0% year-over-year, reaching RMB 2.64 billion.
Delving into the specifics, the company’s online music service maintained a sizable MAU (monthly active user) base of 553 million. While this represents a slight 3.2% dip compared to the 571 million users in the same period of 2024, the key metrics tell a more compelling story.
TME reported a strong increase in its paying subscriber base for online music, reaching 124.4 million, a solid 6.3% climb from the 117.0 million recorded in Q2 2024.
Online music services saw an increase of monthly ARPPU (Average Revenue Per Paying User) coming in at RMB 11.7, representing a healthy 9.3% pop compared to the RMB 10.7 in Q2 2024.
Tencent Music emphasized its commitment to a “one body, two wings” strategy, focusing on both content and platform development. This includes deepening collaborations with global record labels, pioneering innovative content co-creation formats, and curating a series of concerts for both domestic and international artists. The aim is to cultivate an increasingly diverse content ecosystem that caters to the varied preferences of its user base. Simultaneously, TME is hyper-focused on product innovation, striving to boost product appeal and user engagement, ultimately delivering richer and more unique musical experiences.
Tencent Music’s core strength lies in its access to Tencent’s massive user base and a substantial catalog of music rights – assets that set it apart from competitors. This raises the question: Which app is your go-to for music streaming? Are you loyal to QQ Music, a NetEase Cloud Music devotee, exploring the sounds on Qishui Music, or do you have another favorite in the mix?
Original article, Author: Tobias. If you wish to reprint this article, please indicate the source:https://aicnbc.com/7007.html
