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Tencent Music reports revenue growth in 2024, announces buyback plan
On March 18, 2025, Tencent Music reported a 2.3% revenue increase to RMB 28.4 billion ($3.94 billion) for 2024, with a 30.7% rise in adjusted net profit. Online music services surged 25.5% to RMB 21.74 billion, driven by subscription growth. The company announced a $273 million dividend and a $1 billion buyback plan while exceeding 260 million tracks in its catalog.
Key points
- Revenue increased by 2.3% year-on-year to RMB 28.4 billion ($3.94 billion) in 2024.
- Adjusted net profit rose by 30.7% to RMB 8.14 billion ($1.13 billion).
- Online music services revenue increased by 25.5% to RMB 21.74 billion ($3.02 billion).
- Subscription revenue for Q4 grew by 18% to RMB 4.03 billion ($560 million).
- Paid user base reached 121 million; Average Revenue per Paid User (ARPPU) rose to RMB 11.1 ($1.54).
- Tencent Music announced a cash dividend of $273 million and a share buyback plan of $1 billion.
- The company's licensed and user-generated music catalog exceeded 260 million tracks.
- Renewed licensing agreements established with South Korea's SM Entertainment and Kakao Entertainment.
Why it matters
- This growth reflects broader trends in the music industry, including the rise of streaming services.
- Tencent Music's increased licensing deals may signify expanding collaboration in global music markets.
- The company's financial strategies align with the 2025 IT trend of prioritizing shareholder value and digital content monetization.
Tencent Music's strong financial performance in 2024, alongside strategic growth initiatives, reinforces its position in the competitive streaming market and illustrates the ongoing evolution of the music industry.