Those quarterly dips overshadowed a 33% increase in quarterly profit driven by music subscription revenues rising by nearly 30%.
The company's 106.7 million paying subscribers contributed to a 39% jump in music subscriptions revenue.
"UMG will continue to work with TME to bring the very best in music to these passionate music consumers."
The company earned $624 million in online music revenue even as it saw steep declines in its social entertainment segment.
The Billboard Global Music Index rose 4.7% as 12 of its 21 stocks posted gains this week.
With just two of its 21 stocks in positive territory, the Billboard Global Music Index fell 3%.
For the first time since its 2016 founding, music contributed more revenue than social entertainment at TME.
The executive, who helped lead the company to a successful IPO on the New York Stock Exchange, will depart from his role on August 31.
TME says growth in subscriptions failed to offset a nearly 20% decline in its social entertainment services business.
TME’s chart combines listening data with votes from over 250 Chinese music professionals to ensure accuracy and fairness in the rankings.
