SHENZEN, China (CelebrityAccess) — Tencent Music Entertainment Group, the largest online music and audio entertainment platform in China, shared its financial results for 2024, highlighting significant revenue gains during the period.
Fourth Quarter 2024:
For Tencent’s fourth quarter, the company reported revenue of RMB 7.46 billion (US$1.02 billion), representing an 8.2% year-over-year increase, driven by growth in online music services, which offset declines in other segments, including social media entertainment.
Revenue from music subscriptions in Q4 was RMB 4.03 billion (US$552 million), reflecting 18.0% year-over-year growth. Tencent also reported that paying subscribers increased to 121 million, up 13.4% year-over-year and by more than 2 million from Q3 2024. Average revenue per user (ARPU) also rose to RMB 11.1, up from RMB 10.7 in the same period of 2023.
Net profit attributable to shareholders was RMB 2.28 billion (US$312 million), representing 44.8% year-over-year growth.
Full-Year 2024:
Total revenue for the reporting period was RMB 28.40 billion (US$3.89 billion), reflecting a 2.3% year-over-year increase, driven by growth in both paying users and ARPU.
Net profit was RMB 7.11 billion (US$974 million), up 36.2% year-over-year. Net profit attributable to shareholders was RMB 6.64 billion (US$910 million), representing 35.0% year-over-year growth.
Mr. Cussion Pang, Executive Chairman of TME, said, “2024 was a year of solid progress for TME, marked by strong performance in our online music business driving overall revenue growth and expanding profit margins. Our pioneering initiatives across the music value chain have reshaped the industry landscape and enriched our ecosystem, boosting subscriber penetration rate and lifetime value. We closed fourth quarter with advancements across key areas of online music business, laying a stronger foundation for future growth and innovation. With confidence into 2025, we are pleased to announce an annual dividend of approximately US$273 million and an expanded share repurchase program of up to US$1 billion. We are committed to delivering shareholder value while strategically positioning the company for long-term success.”
“Our unwavering focus on user experience and effective operations have been crucial for stellar performance in 2024 and will continue to underpin future development. Enriching content ecosystem, fueled by technology integration, empowered us to further innovate and lead the way of music content consumption. Our SVIP initiative also recorded solid performance during the fourth quarter, resulting in user engagement improvement and ARPPU expansion. Looking ahead to 2025, we aim to harness the power of AI to personalize our services and bring more new experiences to users,” addd Mr. Ross Liang, CEO of TME.
