Tencent Music Entertainment Group reported second-quarter 2025 revenue of $1.18 billion, a 17.9% year-over-year increase that surpassed analyst forecasts. Adjusted earnings rose to $0.23 a share, or 1.66 yuan per American depositary share, also topping estimates. U.S.-listed shares of the Chinese streaming company gained roughly 3–5% in early trading on the results. Growth was powered by a 26.4% jump in online music services revenue to $957 million, driven largely by subscription income, which climbed 17.1% to $611 million. Paying users increased 6.3% to 124.4 million, while the firm said its higher-priced Super VIP tier has crossed 15 million subscribers. Net income rose 43% to $336 million as gross margin expanded to 44.4%. Revenue from social-entertainment services continued to decline, falling 8.5% to 1.59 billion yuan. Tencent Music has been widening its content offerings to sustain growth, agreeing in June to acquire domestic long-form audio platform Ximalaya in a cash-and-stock deal valued at about $2.4 billion. The company is also investing in concerts, advertising and artist merchandise to diversify revenue beyond subscriptions, while new product features such as high-fidelity streaming and AI-powered tools aim to deepen user engagement.