Trending on BillboardTencent Music Entertainment Group (TME) reported on Tuesday (Aug. 11) that their second-quarter revenues rose nearly 6% to RMB 8.93 billion ($1.32 billion) thanks to the completion of its $2.4 billion acquisition of podcast platform Ximalaya and double-digit growth in music services revenue. In 2023, Ximalaya reportedly had 303 million global active users. While Ximalaya will help TME compete with Spotify and Amazon on audiobooks and podcasts, music-related services — including membership services revenues — remains the growth engine for now. Music related services revenues rose 11% from the year-ago quarter to RMB 7.61 billion ($1.12 billion) on an 8.1% increase in membership services — TME’s version of subscription — revenues of RMB 4.79 billion ($706 million). Ximalaya contributed RMB 407 million ($60 million) of revenue to the quarter.