Tencent Music users tune out of karaoke, live streaming services
Portfolio Pulse from
Tencent Music Entertainment Group reported a 6.8% increase in total revenues for Q3 2024, reaching 7.02 billion yuan (approximately US$1 billion). The growth was driven by higher music subscriptions, but was partially offset by declining revenues from social entertainment services.
November 12, 2024 | 2:45 pm
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Tencent Music Entertainment Group's Q3 2024 revenue increased by 6.8%, driven by music subscriptions, but offset by declining social entertainment services.
The revenue growth indicates a positive trend for Tencent Music, primarily due to increased music subscriptions. However, the decline in social entertainment services could be a concern if it continues. Overall, the positive revenue growth is likely to have a favorable short-term impact on the stock price.
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