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Tencent Music's Q2 revenue and online user numbers both declined

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On August 13th, Tencent Music released its Q2 2024 financial report as of June 30th, with revenue of 7.16 billion yuan, a year-on-year decrease of 1.73%. This was mainly due to a decline in revenue from social entertainment services and other services, partially offset by strong year-on-year growth in revenue from online music services; The profit attributable to equity holders of the company was 1.682 billion yuan, an increase of 29.58% year-on-year. The monthly active users of online music services reached 571 million, a year-on-year decrease of 3.9%; The monthly active users of social entertainment services on mobile devices decreased by 31.6% year-on-year to 93 million. (Huang Jianhua)
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