TME reports strong subscription growth in Q3, but faces decline in monthly active users

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Tencent Music Entertainment (TME), Tencent’s online music streaming platform, reported a robust rise in paid subscribers in the third quarter of 2024. However, this growth came alongside a decline in monthly active users (MAUs) across both its music and social entertainment segments. TME’s online music service revenue surged 20.4% year-on-year, reaching RMB 5.48 billion (approximately $781 million). The company’s online music MAUs declined by 3% year-on-year to 576 million, while social entertainment MAUs saw a steeper 30.2% drop, falling to 90 million. This shift to reduce reliance on the social entertainment segment is expected to have continued impact on MAU in the short-term.