Tencent Music’s Q2 Revenue Tops $1.3 Billion on Subscription Growth, Ximalaya Acquisition
China's leading streaming platform reported double-digit revenue growth from music services, as it welcomed an additional $60 million in revenue from its new audiobook and podcast platform.
Tencent Music Entertainment Group (TME) announced a 6% increase in second-quarter revenues to RMB 8.93 billion ($1.32 billion) on Tuesday. This growth was driven by the $2.4 billion acquisition of podcast platform Ximalaya and a 11% rise in music-related services revenue. Ximalaya, which had 303 million global active users in 2023, contributed RMB 407 million ($60 million) to the quarter's total.
The company's music-related services revenues rose 8.1% to RMB 7.61 billion ($1.12 billion) due to an 11% increase in membership services revenues. As part of its strategy to expand audio entertainment, TME plans to integrate Ximalaya, aiming to offer a richer experience for users and compete with platforms like Spotify and Amazon in the audiobook and podcast space.
CEO Ross Liang highlighted the company's focus on differentiated content and vibrant community, which has deepened engagement with users.
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