Tencent Music published its latest financial results this morning, revealing that it ended Q3 with 51.7 million online music paying users across its three streaming services in China.
That’s 4.6 million more than the previous quarter, and its largest net increase since 2016. 8% of TME’s online music users are now paying in some way (not just subscriptions, but digital music purchases too).
That conversion rate is growing, although TME’s monthly active users are actually shrinking slightly – down 2.3% year-on-year to just (!) 646 million. Streaming subscription revenues grew by 55% year-on-year to RMB 1.46bn (around $215m) in Q3, meanwhile.
TME’s online music revenues ($342m) continue to be overshadowed by its revenues from karaoke, livestreaming and other ‘social entertainment’ ($773m).