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Tencent Music Stock Falls 15% on Declining Revenue, Monthly Active Users
Tencent Music Entertainment disclosed the company's Q2 earnings, showing declining revenue and monthly active users.
TME executives remained upbeat about their ongoing efforts to convert free users to paid subscribers. The quarter saw a nearly 18% year-over-year increase in online music subscriptions to 117 million, driving a 10% expansion of the company’s monthly average revenue per paying user (ARPPU). “We have seen a steady increase in both online music subscribers and retention,” TME’s chief executive Ross Liang, said on a call discussing the company’s earnings.
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