China's leading streaming platform reported double-digit revenue growth from music services, as it welcomed an additional $60 million in revenue from its new audiobook and podcast platform.
In this photo illustration, the Tencent Music Entertainment Group (TME) logo is seen displayed on a smartphone screen.
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Tencent Music Entertainment Group (TME) reported on Tuesday (Aug. 11) that their second-quarter revenues rose nearly 6% to RMB 8.93 billion ($1.32 billion) thanks to the completion of its $2.4 billion acquisition of podcast platform Ximalaya and double-digit growth in music services revenue.
One of the leading global streaming platforms, TME announced plans to acquire the podcast and audiobook platform last June as a way to expand behind music and establish itself as a leader in audio entertainment. In 2023, Ximalaya reportedly had 303 million global active users.
