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DE
Tencent Music reports strong Q2 earnings, eyes growth in long-form audio and K-pop partnerships
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TechNode
Paying users grew 6.3% to 124.4 million, up 1.5 million quarter-on-quarter, with SVIP surpassing 15 million, representing a 12% penetration rate among paying users.
Context: In recent years, Tencent Music has been building out its long-form audio offerings, including audiobooks and podcasts.
By combining long-form audio with its music ecosystem and tapping into fan-driven products such as Bubble, Tencent Music aims to deepen user engagement and offset slowing traffic growth.
Tencent Music is also strengthening ties with South Korea’s music industry to tap into China’s K-Pop fan base.
Tencent Music says it plans to integrate live streaming and other functions into Bubble.
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