Tencent Music Reports 2024 Revenue Growth and Announces $1 Billion Buyback Plan
On March 18, 2025, Tencent Music Entertainment Group released its unaudited financial results for the fourth quarter and full year ending December 31, 2024. The company reported a 2.3% year-on-year revenue increase to RMB 28.4 billion ($3.94 billion) for 2024, while adjusted net profit surged by 30.7% to RMB 8.14 billion ($1.13 billion). This growth was primarily driven by online music services, which saw a 25.5% revenue boost to RMB 21.74 billion. Key drivers included an 18% rise in Q4 subscription revenue and an increase in paid users to 121 million, with the average revenue per paying user (ARPPU) reaching RMB 11.1. In addition to strong financial performance, Tencent Music announced a $273 million cash dividend and a significant $1 billion share repurchase plan. The company also highlighted strategic content expansions, including renewed licensing agreements with South Korea’s SM Entertainment and Kakao Entertainment. By the end of the fourth quarter, its music catalog exceeded 260 million tracks. These developments underscore Tencent Music's continued profitability and commitment to returning value to shareholders through dividends and buybacks amidst a growing digital music subscription market.
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Tencent Music Reports 2024 Revenue Growth and Announces $1 Billion Buyback Plan
On March 18, 2025, Tencent Music Entertainment Group released its unaudited financial results for the fourth quarter and full year ending December 31, 2024. The company reported a 2.3% year-on-year revenue increase to RMB 28.4 billion ($3.94 billion) for 2024, while adjusted net profit surged by 30.7% to RMB 8.14 billion ($1.13 billion). This growth was primarily driven by online music services, which saw a 25.5% revenue boost to RMB 21.74 billion. Key drivers included an 18% rise in Q4 subscription revenue and an increase in paid users to 121 million, with the average revenue per paying user (ARPPU) reaching RMB 11.1. In addition to strong financial performance, Tencent Music announced a $273 million cash dividend and a significant $1 billion share repurchase plan. The company also highlighted strategic content expansions, including renewed licensing agreements with South Korea’s SM Entertainment and Kakao Entertainment. By the end of the fourth quarter, its music catalog exceeded 260 million tracks. These developments underscore Tencent Music's continued profitability and commitment to returning value to shareholders through dividends and buybacks amidst a growing digital music subscription market.
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