Tencent Music $TME will no longer report the operating metrics on a quarterly basis such as Monthly Active Users (MAU) for online music services and Number of Paying Users for online music, starting from next quarter.
The stock dropped 24.65% in a day, with other concerns like more competition from ByteDance’s Soda Music.
It’s almost a sure thing that stopping disclosure on key operating metrics will make stock price under pressure.
A very similar case is Netflix in 2024.
In April 2024, Netflix announced it would stop reporting quarterly membership numbers and Average Revenue per Member (ARM) starting in 2025.
Netflix shares fell ~8% the day after the Q1 2024 report.
Here is the last report on these operating metrics. 
The company argued that subscriber count is no longer the best indicator of health due to new revenue streams like advertising and “extra member” fees.
Netflix still discusses those in shareholder letters and gives financial guidance, like this for 4q25 earnings.
While $TME gave similar explanations, it didn’t give investors 4 quarters to adapt.
As advertising and other IP related offerings scale, and as we offer multi-tiered membership for online music subscriptions, the business impact of each paid membership varies. As a result, we are increasingly focused on revenue and profit as our primary performance indicators.
Given this evolution, starting from next quarter, we will discontinue the disclosure of certain quarterly operating metrics, including online music MAU, paying users and ARPPU.
We will instead report the number of total paying users across our music services annually, as of year-end.