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

Key Performance Highlights:

• Paid subscribers reached 119 million (up 15.5% YoY)
• Monthly revenue per streaming subscriber grew 4.9% to $1.49
• Subscription revenue increased 20.3% YoY to $530.91 million
• Total streaming MAUs declined 3% YoY to 576 million

Social Entertainment Segment Performance:

• Mobile MAUs decreased 30.2% YoY to 90 million
• Monthly revenue per paying user fell 24.8% YoY to $8.96
• Paid user count grew slightly by 1.3% YoY to 7.9 million

New Revenue Initiatives:

• "Super VIP" (SVIP) package launched with premium features
• Over 10 million SVIP subscribers as of September 30th
• Enhanced audio quality and long-form content offerings
• Potential expansion into physical products, particularly for K-pop content

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

The company continues to focus on subscriber growth, ARPU enhancement, and feature development, with particular emphasis on superfan monetization through its SVIP program.

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