Core Viewpoint - Tencent Music is actively expanding its investment and subscription innovations, focusing on enhancing its content offerings and competitive advantages in the audio streaming market [3][4][5]. Group 1: Investment Activities - Tencent Music announced a full acquisition of Ximalaya for a total consideration of approximately $1.26 billion, which includes cash, new shares, and shares for founders, aiming to strengthen its long audio content portfolio [3]. - The company has become the second-largest shareholder of SM Entertainment by acquiring all shares held by HYBE, ensuring access to top K-pop content and enhancing its market position in China [4]. Group 2: Subscription Innovations - QQ Music has introduced a new "Earning Listening" membership model that combines advertising and subscription, currently in testing phase, aimed at price-sensitive users to reduce active user churn [5]. - The integration of the social platform Bubble into QQ Music allows fans to interact with K-pop artists, enhancing user engagement and providing new monetization opportunities through membership offerings [6].