Tencent Music Entertainment Group reported a high year-over-year subscriber growth in its fiscal second quarter ending June, which reflected its ability to innovate and attract user loyalty.
According to the report, its growth in online music services revenue was driven by a 29.4 percent year-over-year rise in music subscription revenues to 3.74 billion yuan ($515 million).
TME’s ability to add 3.5 million new music subscribers this quarter highlighted its role and innovation in China’s streaming market. Notably, the rate of online music paying users crossed 20 percent this quarter.
In addition, TME’s strategic focus on enriching its content library, deepening record label collaborations and producing proprietary content has boosted its ecosystem.
For instance, some key achievements include collaborative licensing agreements with Sodagreen and South Korea entertainment giant CJ ENM.
chengyu@chinadaily.com.cn