Maggie Ma's questions to Tencent Music Entertainment Group (TME) leadership • Q2 2025
Question
An analyst from CLSA, likely Maggie Ma, asked for details on the online music subscription business, specifically SVIP penetration, ARPU trends, retention rates, and the sustainability of its growth drivers.
Answer
Management's moderator clarified that SVIP growth is fundamentally driven by core benefits like premier sound quality and exclusive content, not just temporary events. They confirmed that SVIP penetration, ARPPU, and retention are all on a healthy upward trajectory. Regarding the fan economy, they ensure sustainability by planning major events and merchandise releases six to twelve months in advance, creating a robust business pipeline.