The following is a summary of the Tencent Music Entertainment Group (TME) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Tencent Music Entertainment Group reported an IFRS net profit increase of 35% year-over-year to RMB 1.7 billion and non-IFRS net profit rise of 29% to RMB 1.9 billion.

• Total revenues for Q3 2024 were RMB 7 billion, marking a 7% increase year-over-year, with online music revenues growing 20% to RMB 5.5 billion.

• Music subscription revenues reached RMB 3.8 billion in Q3 2024, a 20% increase year-over-year.

• Monthly ARPPU increased from RMB 10.3 to RMB 10.8.

Business Progress:

• Expanded SVIP memberships surpassing 10 million members, attributed to enhanced membership benefits and high-quality audio.

• Executed strong partnerships and content integrations, notably with top Chinese and international labels and artists for exclusive releases and merchandise.

• Hosted successful offline music events and leveraged Tencent's ecosystem for promoting theme songs for popular games, enhancing user engagement.

• Published the inaugural ESG report to underline sustainability efforts and recognized for contributions to music copyrights.

Opportunities:

• Continued focus on expanding SVIP memberships and advertising business.

• Leveraging strategic partnerships for exclusive content and merchandise to enhance user value and experience.

• Potential growth through innovative technology deployment in product features and music content production to attract more users.

Risks:

• Slow growth in ARPPU despite increasing SVIP members.

• Reliance on continuous user base expansion and ARPPU growth to sustain revenue increase.

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.