Tencent Music's Streaming Gains Offset Social Entertainment Decline

Second-quarter results show a significant rise in streaming subscribers despite regulatory challenges impacting social services.

Tencent Music's net profits increased by a third in Q2 despite a 2% drop in overall revenue.
The streaming segment saw a 17% increase in paying users, reaching 117 million.
Revenue from social entertainment services, including karaoke, fell by 45% due to regulatory changes and competitive pressures.
Innovative ad formats and offline performance revenues contributed to the growth in streaming revenue.
Tencent remains optimistic about the long-term potential of the music industry despite current challenges.