Tencent's Daily Trading Volume Plummets to 477th as Tencent Music's Paid Users Surge to 124M Driving 26.4% Revenue Growth

On August 13, 2025, Tencent’s daily trading volume fell to $240 million, a 37.5% decline from the previous day, ranking 477th in market activity. Meanwhile, Tencent Music (TME) shares rose 0.83% amid reports of rising paid user numbers and revenue growth.

Tencent Music reported a significant surge in paid users for its online music services, reaching 124.4 million as of Q2 2025. This represents a 6.3% year-over-year increase and a sharp rise from 31 million in Q2 2019. Despite a decline in monthly active users to 553 million, the company’s conversion rate—measuring the proportion of listeners who pay—jumped from 4.8% in 2019 to 22.5% in 2025. This shift contributed to a 26.4% year-on-year rise in online music revenue to RMB 8.44 billion ($1.18 billion).

The growth was driven by Tencent Music’s premium SVIP tier, which now counts over 15 million subscribers. The service offers benefits like high-fidelity audio, exclusive artist content, and early concert ticket access. The company also expanded its revenue streams through advertising, concerts, and artist merchandise, hosting over 300 live shows for independent artists and virtual events like the Penguin Starlight Island avatar-based platform.

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