Tencent Music Entertainment (TME), China's Spotify, has announced a significant surge in both subscribers and revenue.
The Shenzhen-based firm, which owns platforms such as QQ Music, Kugo, and Kuwou, said its paying user base hit 99.4 million for the three months ended June 30, up 20% on the same period last year.
TME said it did touch the 100 million mark in June, though the average across the quarter was slightly lower.
Revenues grew by 37.2% year-on-year to RMB 2.89 billion (equivalent to USD $399 million, based on the exchange rate as of June 30).
Consequently, the average revenue per paying subscriber (ARPPU) reached RMB 9.70 monthly, setting a record for TME and marking its fifth consecutive quarter of growth.
TME attributes this success to enhanced operational strategies, enticing member benefits, quality music content, and targeted promotions.
In early trade, TME's New York-listed stock was down 19 cents at $5.97.