Tencent Music Entertainment Group (NYSE:TME) Q2 2024 Results Conference Call August 13, 2024 7:00 AM ET
Company Participants
Millicent Tu - Head of IR
Cussion Pang - Executive Chairman
Ross Liang - CEO
Shirley Hu - CFO
Conference Call Participants
Alicia Yap - Citigroup
Lincoln Kong - Goldman Sachs
Alex Poon - Morgan Stanley
Lei Zhang - Bank of America Merrill Lynch
Wei Xiong - UBS
Thomas Chong - Jefferies
Millicent Tu
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 U.S. market opened. The earnings release is now available on our IR website and via PR Newswire 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 muted at this time. After management's remarks, there will be a Q&A session. And please be advised that today's call is being recorded.
With that, I'm very pleased to turn the call over to Cussion, Executive Chairman of TME. Cussion?
Cussion Pang
Thank you, Millicent. Hello, everyone, and thank you for joining our call today.
We are excited to report another solid quarter underpinned by a 28% year-over-year growth in online music services as well as a 26% year-over-year growth increase in adjusted net profit. The outstanding net addition of over 10 million music subscribers in the first half of 2024, coupled with a rise in ARPPU, once again demonstrated our strong ability to bring new brands within China's streaming landscape. We remain optimistic about the music industry's long-term potential and are committed to our mid to long-term goals.
In the meantime, we are consistently adjusting ourselves to better adapt to changing external environment, evolving user mindset and our different business development stage to continuously innovate and achieve sustainable growth at a healthy pace and with the right balance.