Tencent Music Entertainment reported significant growth in both subscribers and profits during Q3 2024, despite ongoing challenges in non-streaming revenue segments.

Key Performance Metrics:

• Paid subscribers: 119 million (up 15.5% YoY)
• Monthly average revenue per subscriber: $1.49 (up 4.9% YoY)
• Subscription revenue: $530.91 million (up 20.3% YoY)
• Total streaming MAUs: 576 million (down 3% YoY)

Social Entertainment Segment:

• Mobile MAUs: 90 million (down 30.2% YoY)
• Monthly average revenue per paying user: $8.96 (down 24.8% YoY)
• Paid users: 7.9 million (up 1.3% YoY)

Notable Developments:

• "Super VIP" (SVIP) package reached 10 million subscribers
• Enhanced features include improved audio quality and long-form audio content
• Equal distribution of SVIP subscribers between QQ and Kugou platforms
• Plans to expand SVIP offerings to include physical products

Stock Performance: TME stock traded at $10.44 per share (down 9.65%), maintaining a 40% increase from November 2023 levels.

The company continues to focus on subscriber growth, ARPU enhancement, and feature development, particularly in superfan monetization, despite ongoing challenges in its social entertainment segment.

Related Articles

Previous Articles