Revenue Performance: TME generated revenues of RMB 7.2 billion for Q2 2024, down 2% YoY but up 5.8% QoQ. The online music segment achieved RMB 5.4 billion, up 28% YoY.
Online Music Subscribers: The total number of paying users increased to 117 million, an 18% rise YoY, with 3.5 million net adds in the quarter.
ARPPU Growth: Monthly ARPPU saw a sequential increase to RMB 10.7 from RMB 9.7 in the same period last year, supported by enhanced subscription offerings.
Net Income: TME reported a net income of RMB 1.68 billion, representing a 29.6% increase YoY, demonstrating strong profitability amidst changes in revenue streams.
Gross Margin: The gross margin improved to 42%, a year-over-year increase of 7.7 percentage points, bolstered by higher subscription uptake and operational efficiencies.