One of the leading global streaming platforms, TME announced plans to acquire the podcast and audiobook platform last June as a way to expand behind music and establish itself as a leader in audio entertainment.
In 2023, Ximalaya reportedly had 303 million global active users.
While Ximalaya will help TME compete with Spotify and Amazon on audiobooks and podcasts, music-related services — including membership services revenues — remains the growth engine for now.
In an effort to grow the hours per day users are on its platform, TME expanded freemium access, video feeds and introduced a TikTok-like vertical swipe feature to discover new music in the second quarter.
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