Tencent Music’s Subscriptions Boost Q2 Profits

Tencent Music Entertainment Group (TME) has released an update.

Tencent Music Entertainment Group (TME) reported a slight year-over-year revenue decline in Q2 2024, attributed to weaker social entertainment services, offset by a 29.4% surge in online music subscription revenues. The company saw a 17.7% increase in paying users, reaching 117 million, bolstered by high-quality content and an improved average revenue per user (ARPPU). Despite the overall revenue drop, TME’s net profits rose significantly, indicating a robust core business and promising growth in the music subscription sector.

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