TME(US:TME) Zheng Quan Ri Bao·2025-05-14 13:37Core Viewpoint - Tencent Music Entertainment Group reported high-quality growth in its first quarter financial results for the period ending March 31, 2025, with total revenue of 7.36 billion yuan, a year-on-year increase of 8.7%, and adjusted net profit of 2.23 billion yuan, up 22.8% [2][3] Revenue Growth - The revenue growth was primarily driven by a 15.9% year-on-year increase in online music service revenue, reaching 5.80 billion yuan [3] - The number of paying online music users grew by 8.3% year-on-year to 122.9 million, with average monthly revenue per paying user increasing from 10.6 yuan in 2024 to 11.4 yuan [3] Super Membership Model - The "Super Membership" model has shown effectiveness, with strong performance in subscription growth and average revenue per paying user [3] - Approximately 50% of Super Members actively utilize high-quality audio features, indicating the appeal of premium services [4] Content Strategy - Tencent Music has strengthened partnerships with record companies to expand its music library, including renewing contracts with Sony Music Entertainment and other major labels [3] - The company is enhancing its international music content by collaborating with Korean and Japanese entertainment companies, thus increasing cultural diversity on the platform [3] Long Audio Content - The company is focusing on long audio content, which is seen as a core driver for Super Membership subscriptions, with successful titles like "The Grave Robbers' Chronicles" achieving rapid viewership [5] - Long audio content is expected to complement music offerings, enhancing the overall content library's quantity and quality [5]