2 1 Shi Ji Jing Ji Bao Dao·2025-11-14 02:14Core Viewpoint - Tencent Music is focusing on profitability over user growth, as evidenced by its financial performance in Q3, which shows significant revenue and profit growth despite a decline in active users [1][2]. Financial Performance - Tencent Music's revenue in Q3 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 Tencent Music's members increased by 17.2% to 4.5 billion yuan, with the number of paying users growing by 5.6% to 126 million [1]. User Engagement - The monthly active users (MAU) for Tencent Music's online music platform decreased by 4.3% year-on-year to 551 million [1]. - The growth rate of paying users has slowed, with a 6.3% increase in Q2 compared to previous periods [1]. Non-Subscription Revenue Growth - Tencent Music's non-subscription revenue grew by over 50% year-on-year to 2.47 billion yuan in Q3 [2]. - The company achieved significant growth in offline performances, hosting 14 sold-out shows for G-DRAGON across six cities, attracting over 150,000 attendees [2]. Strategic Initiatives - Tencent Music plans to expand its performance business and introduce more headliner events to enhance user engagement and drive SVIP subscription growth [2]. - The company is also expanding its artist roster by introducing 15 new Chinese label artists to attract a broader audience [2].