Tencent Music Entertainment Group (NYSE: TME), a leading music streaming platform in China, has reported a sharp increase in net income for the first quarter of 2025, aided by a 9% growth in revenues.
First-quarter revenues increased 8.7% year-over-year to RMB7.36 billion (US$1.01 billion), mainly reflecting strong year-over-year growth in online music services, partially offset by lower revenues from social entertainment services and others.
Net income attributable to shareholders was RMB4.29 billion (US$591 million), representing a year-over-year growth of more than 200%. First-quarter earnings surged to RMB2.77 per ADS (US$0.38 per ADS) from RMB0.91 per ADS in the same period of fiscal 2024.
Ross Liang, the company’s CEO, said, “We’re encouraged by the continued rise in user lifetime value, a testament to our continued investment in compelling content and innovative, differentiated products delivered across diverse formats. This momentum has driven further growth in both our paying user base and ARPPU, with particularly strong adoption by our SVIP memberships.“