Tencent Music Entertainment Group (NYSE: TME), the largest music streaming platform in China, has reported an increase in revenue and net income for the fourth quarter of 2024, amid continued strong demand for its services.
Fourth-quarter revenues increased to RMB7.46 billion (US$1.02 billion) from RMB6.89 billion in the year-ago quarter, mainly reflecting strong growth in online music services, which was partially offset by a decline in revenues from social entertainment services and others. Meanwhile, Online Music monthly active users declined by 3.5% to 556 million and Online Music paying users dropped 13.4% to 121 million.
The company reported a net income of RMB2.08 billion (US$284 million) for the fourth quarter, representing a 47.3% year-over-year increase. On a per-share basis, Q4 earnings per ADS rose to RMB1.26 (US$0.17) from RMB0.83 in the corresponding period of 2023.
Ross Liang, the company’s CEO, said, “Our unwavering focus on user experience and effective operations have been crucial for stellar performance in 2024 and will continue to underpin future development. Enriching content ecosystem, fueled by technology integration, empowered us to further innovate and lead the way of music content consumption.“