Tencent Music's Q4 2024 Success: Paid Users Hit 120M as Revenue and Profits Surge Double-Digits
Tencent Music reported significant growth in Q4 2024, with subscription revenue increasing 18% year-over-year and net profit jumping 47.3% to CNY 2.08 billion ($287.56 million).
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Key Q4 2024 Performance Metrics:
- Total revenue: CNY 7.46 billion ($1.03 billion), up 8.2% YoY
- Core streaming revenue: CNY 5.83 billion ($806.01 million), up 16.1% YoY
- Paid users: 121 million, up 13.4% YoY
- Available tracks: 260 million across QQ, Kugou, and Kuwo services
Full-Year 2024 Results:
- Revenue: CNY 28.40 billion ($3.93 billion), up 2.3% YoY
- Subscription revenue: CNY 15.23 billion ($2.11 billion), up 25.9% YoY
- Net profit: CNY 7.11 billion ($982.97 million), up 36.2% YoY
Notable Challenges:
- Social entertainment revenue declined 13% to CNY 1.63 billion ($225.43 million)
- On-demand streaming MAUs decreased 3.5% to 556 million
- Social entertainment MAUs dropped 21.2% to 82 million
Strategic Developments:
- Successfully renewed contracts with SM Entertainment and Kakao Entertainment
- Announced new two-year share buyback program worth $1 billion
- Stock performance: Up 10.2% on earnings day and 39% YoY, trading at $14.39 per share
The company expects continued revenue growth in 2025, focusing on superfan offerings and core streaming services while managing the decline in social entertainment segments.
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