Q2 2024 Tencent Music Entertainment Group Earnings Call Transcript
Key Points
- Tencent Music Entertainment Group (TME) reported a 28% year-over-year growth in online music services.
- The company saw a 26% year-over-year increase in adjusted net profit.
- TME added over 10 million music subscribers in the first half of 2024.
- The company extended collaborative licensing agreements with well-known Chinese and Korean music labels.
- TME's self-produced content continues to gain popularity, boosting user conversion and engagement.
- Total revenues decreased by 2% year-over-year to RMB 7.2 billion.
- Revenues from social entertainment services declined by 43% year-over-year.
- The company faces continuous challenges from competition and macroeconomic factors in the social entertainment segment.
- The effective tax rate increased to 19.4% from 12.2% in the same period of 2023.
- Net adds in the second half of 2024 are expected to be smaller compared to the first half.
Good evening, and good morning, and welcome to Tencent Music Entertainment second-quarter 2024 Earnings Conference Call. I'm Millicent Tu, Head of IR.
We announced our quarterly financial results earlier today before the US market opened. The earnings release is now available on our IR website, and via PRNewswire services. During today's call, you will hear from Mr. Cussion Pang, our Executive Chairman; and Mr. Ross Liang, our CEO, who will share an overview of our company strategies and business updates. Then Ms. Shirley Hu, our CFO, will discuss our financial results before we open the call for questions.
Before we continue, I refer you to the safe harbor statement in our earnings release, which applies to this call as we'll make forward-looking statements. Please note that we'll discuss non-IFRS measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under IFRS in our earnings release and filings with the SEC.
All participants are mute at this time. After
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