Tencent Music Sees 47% Profit Surge as Paid Subscribers Top 120 Million in Q4 2024
Tencent Music delivered strong financial results in Q4 2024, marked by significant growth in both subscribers and profits. The streaming giant reported revenue of CNY 7.46 billion ($1.03 billion), an 8.2% year-over-year increase.
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Key Q4 2024 Highlights:
- Subscription revenue grew 18% year-over-year
- Paid users reached 121 million (up 13.4% YoY)
- Net profit increased 47.3% to $287.56 million
- Core streaming revenue rose 16.1% to $806.01 million
- Music catalog expanded to 260 million tracks
Social entertainment segment continued its expected decline:
- Revenue dropped 13% to $225.43 million
- Mobile MAUs decreased 21.2% to 82 million
- Paid users fell 3.8% to 7.7 million
- Monthly average revenue per paid user declined 9.7%
Full-Year 2024 Performance:
- Total revenue: $3.93 billion (up 2.3% YoY)
- Subscription revenue: $2.11 billion (up 25.9% YoY)
- Net profit: $982.97 million (up 36.2% YoY)
Notable Developments:
- Renewed contracts with SM Entertainment and Kakao Entertainment
- Announced $1 billion share buyback program over two years
- Stock price reached $14.39, up 10.2% on earnings day and 39% YoY
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The company expects continued revenue growth in 2025, driven by enhanced superfan offerings and strategic partnerships.