Tencent Music Entertainment Group (TME), the music streaming arm of Chinese tech giant Tencent, reported Q1 2025 revenue of RMB 7.36 billion ($1.01 billion), an 8.7% increase year-over-year, driven by a surge in online music subscriptions. Revenue from music services rose nearly 16% to RMB 5.8 billion ($800 million), while social entertainment revenue declined to RMB 1.55 billion ($220 million) from RMB 1.76 billion ($240 million). The drop in social entertainment revenue is attributed to the removal of certain live-streaming features to comply with Beijing’s anti-gambling regulations. The company added 1.9 million music subscribers during the quarter, reaching 122.9 million paid users. TME plans to continue investing in content partnerships, product upgrades, and live events to expand engagement in China’s competitive streaming market. [TME]
Related
