Tencent Music reports revenue growth in 2024, announces buyback plan

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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.