Tencent Music Entertainment Group (TME, Financial) has released its financial results for the fourth quarter and full year ending December 31, 2024. The company reported a total revenue of RMB 7.46 billion for Q4, marking an 8.2% increase year-over-year. Net profit for the quarter reached RMB 2.08 billion, up 47.3% from the previous year. On a non-IFRS basis, net profit was RMB 2.4 billion, a 43.0% increase.
For the entire year of 2024, Tencent Music's total revenue was RMB 28.4 billion, reflecting a 2.3% growth compared to the previous year. The net profit for the year was RMB 7.11 billion, up 36.2% year-over-year, while non-IFRS net profit was RMB 8.14 billion, growing by 30.7%.
In terms of operational performance for Q4, the monthly active users (MAU) for online music services stood at 557.6 million, a decrease of 3.5% from the previous year's 576 million. Social entertainment services saw a more significant decline in MAU, dropping 21.2% to 82 million from 104 million in the previous year.
On the other hand, the number of paying users for online music services increased by 13.4% to 121 million, compared to 106.7 million the previous year. Paying users for social entertainment services slightly decreased by 3.8% to 7.7 million from 8 million.
The average revenue per paying user (ARPPU) for online music services increased by 3.7% to RMB 11.1, up from RMB 10.7 in the previous year. However, the ARPPU for social entertainment services fell by 9.7% to RMB 70.4, compared to RMB 78.0 the previous year.
