What stands out to me is the drop in MAUs but rise in paying users and ARPPU. This tells me TME is now optimizing value per user. The “super membership” strategy is key—driving higher spending through better content and premium experiences, not just price hikes.
At the same time, non-subscription revenue like live events is growing fast, adding a second growth engine. While user growth may face pressure from short video platforms, I see TME evolving into a more profitable, multi-stream monetization platform.
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