AsianFin -- Tencent Music Entertainment beat its second-quarter revenue forecasts on Tuesday, thanks to a significant increase in online music subscribers and higher engagement with long-form audio content like podcasts and audiobooks. The news sent the company's U.S.-listed shares up 3.3% in premarket trading.

The Chinese streaming giant has been actively investing in new services, including advertising, live concerts, and artist merchandise. Its Super VIP program, which boasts around 15 million subscribers, bundles high-quality audio, online karaoke, and exclusive events to boost user engagement.

In a move to expand its content library, Tencent Music agreed in June to acquire domestic long-form audio platform Ximalaya for approximately $2.4 billion in cash and stock. This deal is expected to strengthen its partnerships with creators and attract more paying users across its applications.