Tencent Music reports 18% revenue increase in Q2 2025

Overall revenue for the quarter reached $1.18bn, with $611m generated from paid music subscriptions, a 17.1% increase compared to the same period last year. The company recorded 124.4 million paying users, up 6.3% year-on-year. Average monthly revenue per paying user grew by 9.3% to CNY 11.7 ($1.63), supported by the uptake of SVIP memberships, which offer benefits such as premium sound quality and priority access to concert tickets.

TME’s online music monthly active users (MAUs) stood at 553 million, down 3.2% from a year earlier, leaving room for further subscription conversions. The company continues to invest in fan-focused initiatives, including K-pop projects such as an international concert tour for G-Dragon and the launch of Bubble, an interactive community on QQ in partnership with DearU, enabling users to engage directly with artists from SM Entertainment, JYP Entertainment and other labels.

Revenue from social entertainment services, which includes livestreaming, fell by 8.5% year-on-year to about $222m. Advertising revenue grew compared to both Q2 2024 and the first quarter of 2025. Net profit for the quarter was $344m.

TME’s share price rose by roughly 12% on the New York Stock Exchange following the earnings announcement, closing at $25.39.