Tencent Music Entertainment Group reported mixed results for Q3 2024, with strong subscriber growth but continued challenges in non-streaming segments.

Key Performance Metrics:

• Paid subscribers reached 119 million (up 15.5% YoY)
• Streaming revenue increased 20.3% YoY to $530.91 million
• Monthly average revenue per subscriber grew 4.9% to $1.49
• Total streaming MAUs declined 3% to 576 million

Social Entertainment Segment:

• Mobile MAUs decreased 30.2% YoY to 90 million
• Monthly average revenue per paying user fell 24.8% to $8.96
• Paid users increased slightly by 1.3% to 7.9 million
• WeSing karaoke app performed better than expected

New Revenue Initiatives:

• "Super VIP" (SVIP) package reached 10 million subscribers
• Enhanced features include improved audio quality and long-form content
• QQ and Kugou each account for approximately half of SVIP subscribers
• Plans to expand offerings to include physical merchandise

Stock Performance: TME shares traded at $10.44 (down 9.65%), maintaining a 40% increase from November 2023 levels.

The company continues to focus on subscriber growth, ARPU enhancement, and feature development despite ongoing challenges in non-streaming segments.

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