---
title: "Tencent Music (Minutes): Compared to podcasts, more emphasis is placed on long audio."
description: "TME (Minutes): Below are the earnings call minutes for TME FY25 Q1. For the earnings analysis, please refer to "Tencent Music: A 'New' Growth Cycle - Falling into Mediocrity or Steady Happiness?&#"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/29585427.md"
published_at: "2025-05-13T14:09:03.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Tencent Music (Minutes): Compared to podcasts, more emphasis is placed on long audio.

**Below is the earnings call** $Tencent Music(TME.US) **Minutes for FY25 Q1. For earnings analysis, please refer to《**[**Tencent Music: A "New" Growth Cycle—Mediocrity or Steady Happiness?**](https://longportapp.cn/zh-CN/topics/29573280)**》**

**1\. Key Earnings Highlights**

![0](https://pub.pbkrs.com/uploads/2025/68dd6b9f7a266d4e4d550f46f89cf092?x-oss-process=style/lg)

**2\. Detailed Earnings Call Content**

**2.1 Core Management Remarks**

1\. Content Ecosystem & User Preferences: Korean, English, and Japanese tracks gained popularity. Thus, the company renewed partnerships with Korea's Starship and YG, collaborated with G-DRAGON, expanded ties with Japanese ACG record labels, and launched merch collaborations (e.g., G-DRAGON’s official lightsticks and China-exclusive perks). BABYMONSTER’s pop-up exhibitions debuted in mainland China.

2\. User Engagement & Monetization: Hi-fi audio remains a key SVIP selling point (15% penetration). Discounts, exclusive perks, and priority access to artist merch/concert tickets effectively boosted SVIP conversions.

3\. R&D & Innovation: TME leverages AI for engagement—e.g., interactive comments and DeepSeek ERM for content quality/recommendation accuracy.

**2.2 Q&A**

**Q: 2025 revenue/profit growth outlook?**

**A:** Strong Q1 fuels confidence. Full-year growth to accelerate YoY with margin expansion. Music subscriptions remain the healthy core; SVIP perks (e.g., merch, non-paid audio, concerts) will lift ARPPU (Revenue/Paying Users). 2025 growth hinges on subscriber gains + ARPPU growth. Ads and artist collaborations will drive non-subscription revenue.

**Q: Podcast growth in China? Long-audio metrics?**

**A:** Podcasts (akin to solo/multi-host livestreams) lag vs. global peers (e.g., US) but show niche growth in China. Focus remains on long-audio (audiobooks, web novels, kids’ content), which complements subscriptions and boosts SVIP.

**Q: SVIP retention/ARPU drivers?**

**A:** SVIP adoption grows among labels/artists. Penetration/ARPPU trends are strong. 2025 priorities: enhanced perks, artist partnerships, and product polish.

**Q: ARPPU +7.5% YoY—SVIP/promo impact?**

**A:** No breakdowns. Reduced Q1 discounts aided ARPPU. SVIP will increasingly drive ARPPU organically.

**Q: Monetizing non-paying users beyond ads?**

**A:** Priority is converting them to subs. Incentivized ads and digital merch (e.g., albums, downloads) are secondary.

**Q: Gross margin drivers? OpEx plans?**

**A:** SVIP/sub growth + ROC cost control. 2025 opEx to rise slower than revenue.

**Q: Southeast Asia strategy?**

**A:** Platform/content investments continue. Offline concerts are a focus.

**Q: Ad/offline biz outlook?**

**A:** Incentivized ads thrive. Tencent’s ad tech boosts yields. Concerts will target SVIP perks.

<End>

**Disclosures:** [**Dolphin Research Disclaimer**](https://support.longbridge.global/topics/misc/dolphin-disclaimer)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.