Financial PerformanceOnline music revenue grew by 28% YoY to RMB5.42bn, with subscription/non-subscription revenue up by 29/24% YoY respectively.
Market Position And StrategyThe combination of a market with little competition, management’s track record of adaption and execution, and new growth path ahead make TME one of the best positioned Chinese Internet companies in their respective fields.
User Engagement And GrowthThe Super VIP program upgrade is expected to drive engaged user growth and ARPU.