Tencent Music Reports 15.5% Growth in Paid Subscribers Despite Social Platform Decline in Q3 2024
Tencent Music reported significant growth in Q3 2024, with paid subscribers reaching 119 million, marking a 15.5% year-over-year increase and adding two million new subscribers quarterly.
Tencent Music Entertainment Q3 2024 graphic
Key Q3 2024 Performance Metrics:
- Streaming subscription revenue: $530.91 million (CNY 3.84 billion), up 20.3% YoY
- Monthly average revenue per streaming subscriber: $1.49 (CNY 10.8), up 4.9% YoY
- Total streaming MAUs: 576 million, down 3% YoY
Social Entertainment Performance:
- Mobile MAUs: 90 million, down 30.2% YoY
- Monthly average revenue per paying user: $8.96 (CNY 64.8), down 24.8% YoY
- Paid users: 7.9 million, up 1.3% YoY
Notable Developments:
- "Super VIP" (SVIP) package reached 10 million subscribers
- QQ and Kugou each account for approximately half of SVIP subscriptions
- WeSing karaoke app performed better than expected
- Company plans to expand SVIP offerings with physical products
Stock Performance: TME stock traded at $10.44 per share, down 9.65%, but maintains over 40% growth since mid-November 2023.
Future Focus Areas:
- Maximizing subscriber growth
- Enhancing average revenue per user (ARPU)
- Developing new features
- Expanding superfan monetization strategies
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