Core Viewpoint - Tencent Music is focusing on revenue generation over user traffic, as evidenced by its financial performance in Q3, which shows significant growth in revenue and adjusted net profit [1][3]. Financial Performance - In Q3, Tencent Music's revenue increased by 20.6% year-on-year to 8.46 billion yuan, while adjusted net profit rose by 32.6% to 2.405 billion yuan [1]. - Online music revenue grew by 27.2% to 6.97 billion yuan, accounting for 82.3% of total revenue, an increase of 4.2 percentage points year-on-year [1]. - Subscription revenue from online music increased by 17.2% to 4.5 billion yuan, with the number of paying users growing by 5.6% to 126 million [1][2]. User Engagement and Challenges - Despite revenue growth, the monthly active users (MAU) for online music declined by 4.3% year-on-year to 551 million [1]. - The growth rate of paying users has slowed, with a 6.3% increase noted in Q2 [2]. Strategic Initiatives - Tencent Music is actively developing non-subscription revenue streams, which grew over 50% year-on-year to 2.47 billion yuan in Q3 [3]. - The company has seen significant growth in live performances, hosting 14 sold-out shows for G-DRAGON across six cities, attracting over 150,000 attendees [3]. - Plans to expand the live performance business and introduce more headliner events are in place, aiming to enhance user engagement and drive SVIP subscription growth [3]. Market Reaction - On November 14, Tencent Music's stock closed at 75.6 HKD, reflecting a decline of 10.69% [5].
腾讯音乐挣钱代价：月活继续下滑