Tencent Music reports revenue growth in 2024, announces buyback plan
On March 18, 2025, Tencent Music Entertainment Group released its unaudited financial results for the fourth quarter and full year ended December 31, 2024. The result reported a 2.3% year-on-year revenue increase to RMB 28.4 billion ($3.94 billion) in 2024, with adjusted net profit rising 30.7% to RMB 8.14 billion ($1.13 billion). Online music services […]
On March 18, 2025, Tencent Music Entertainment Group released its unaudited financial results for the fourth quarter and full year ended December 31, 2024. The result reported a 2.3% year-on-year revenue increase to RMB 28.4 billion ($3.94 billion) in 2024, with adjusted net profit rising 30.7% to RMB 8.14 billion ($1.13 billion). Online music services saw a 25.5% revenue boost to RMB 21.74 billion ($3.02 billion), driven by an 18% increase in Q4 subscription revenue to RMB 4.03 billion ($560 million). Paid users reached 121 million, with ARPPU rising to RMB 11.1 ($1.54)). Tencent Music announced a $273 million cash dividend and a $1 billion share repurchase plan. By Q4, its licensed and user-generated music catalog exceeded 260 million tracks. The company also renewed licensing deals with South Korea’s SM Entertainment and Kakao Entertainment. [TME]
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