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Tencent Music Entertainment Group achieved quarterly revenues of $1.32 billion in the second quarter of 2026, reflecting a 5.8% increase compared to the same period last year. The growth was primarily driven by the company’s music services division, which generated $1.12 billion in revenue—an 11% year-over-year increase. Membership services proved particularly strong, contributing $706 million to the total, up 8.1% from the prior year.
A significant milestone for the company came with the full consolidation of Ximalaya, a long-form audio platform, following the completion of its acquisition in May. During its first full quarter as part of Tencent Music, Ximalaya contributed $60 million in revenue. Company executives highlighted how the integration is expected to expand the company’s capabilities and deepen its presence in the broader audio entertainment market.
On an adjusted basis excluding certain accounting items, the company reported EBITDA of $480 million, up 5.2% year-over-year, while adjusted net profit reached $396 million. Tencent Music continued to invest in its business, repurchasing 43.5 million shares for approximately $400 million during the quarter. The company maintains a strong financial position with $6.52 billion in liquid assets as of June 30.
Beyond financial metrics, Tencent Music expanded its platform capabilities and content offerings during the quarter. New features included vertical swipe-based discovery tools and enhanced freemium access options. The company also deepened collaborations across Tencent’s ecosystem and extended partnerships with entertainment companies to develop original music content and live experiences for its users.
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Originally reported by Variety →
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