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Tencent Music Entertainment Group

Tencent Music Entertainment Group

NYSE•TME
CEO: Mr. Kar Shun Pang
Sector: Communication Services
Industry: Internet Content & Information
Listing Date: 2018-12-12
Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends. The company also delivers music-centric live streaming services primarily through the Live Streaming tab on QQ Music, Kugou Music, Kuwo Music, WeSing, Kugou Live, and Kuwo Live that provides an interactive online stage for performers and users to showcase their talent and engage with a diverse audience base; and Lazy Audio, an audio platform. In addition, it sells music-related merchandise; and artist-related merchandise, such as branded apparel, posters and art prints, and accessories and integrated and technology-driven music solutions that help IoT device manufacturers build and operate their branded music services on their IoT devices, as well as offers advertising services across its online karaoke platform and online music apps. The company is headquartered in Shenzhen, China. Tencent Music Entertainment Group is a subsidiary of Tencent Holdings Limited.
Contact Information
Building D, Unit 3, 12th Floor Kexing Science Park Kejizhongsan Avenue,Hi-Tech Park, Nansha, Shenzhen, 518057, China
86-75-5860-13388
www.tencentmusic.com
Market Cap
$25.42B
P/E (TTM)
16.6
79.4
Dividend Yield
1.1%
52W High
$26.70
52W Low
$10.44
52W Range
38%
Rank20Top 6.4%
6.1
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Strong • 6.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2017-2025

Financial Dashboard

Q3 2025 Data

Revenue

$1.18B+20.64%
4-Quarter Trend

EPS

$0.20+40.00%
4-Quarter Trend

FCF

$514.67M+70.12%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Online Music Revenue Surges Online music revenue reached RMB 21.74B in 2024, up 25.5%, driven by 117.6M paying users and improved ARPPU.
Profitability and Margin Expansion Operating profit grew 43.8% to RMB 8.71B in 2024; gross margin expanded to 42.3% from 35.3% year prior.
Shareholder Payouts Confirmed Board declared 2024 cash dividend of US$0.09 per ordinary share, totaling approximately US$273M payout.
Share Buyback Program Active Repurchased 9.91M ADSs in September 2024 and 5.98M in November 2024 under ongoing share repurchase programs.

Risk Factors

Social Entertainment Revenue Decline Social entertainment revenue fell 36.1% to RMB 6.66B in 2024 due to live-streaming feature adjustments and compliance.
PRC Regulatory Scrutiny Persists Evolving PRC laws on data privacy, cybersecurity, and content regulation pose ongoing compliance costs and operational risks.
VIE Structure Enforceability Uncertainty Reliance on contractual arrangements for core PRC operations faces legal uncertainty regarding interpretation and enforcement.
Litigation Exposure Remains High 315 copyright infringement lawsuits pending as of year-end 2024, seeking damages of approximately RMB 198.7M.

Outlook

Focus on Music Monetization Growth Intend to continue optimizing online music monetization, expecting steady revenue growth from subscriptions and advertising.
Continued Technology and AI Investment Investing in technology systems, including AI tools like DeepSeek LLM, to enhance user experience and content discovery.
Content Ecosystem Diversification Expanding long-form audio offerings and leveraging Tencent ecosystem synergies for content creation and promotion.
Maintaining Capital Allocation Flexibility Future capital needs funded by operating cash flow; board retains discretion over dividend distributions and share repurchases.

Peer Comparison

Revenue (TTM)

Vodafone Group Public Limited CompanyVOD
$78.66B
-20.8%
Charter Communications, Inc.CHTR
$55.10B
+0.4%
Live Nation Entertainment, Inc.LYV
$24.57B
+5.4%

Gross Margin (Latest Quarter)

Live Nation Entertainment, Inc.LYV
85.1%
+60.6pp
Pinterest, Inc.PINS
79.8%
+0.6pp
Charter Communications, Inc.CHTR
46.2%
+5.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
BIDU$50.71B39.23.4%21.9%
LYV$33.54B37.3309.8%41.0%
VOD$33.01B-6.3-8.6%41.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
4.5%
Moderate Growth
4Q Net Income CAGR
3.4%
Profitability Slowly Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Mar 17, 2026
|
EPS:$0.23
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 23, 2025|
    Revenue: $3.95B+2.3%
    |
    EPS: $0.60+36.1%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 18, 2024|
    Revenue: $3.92B-2.1%
    |
    EPS: $0.45+37.4%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 25, 2023|
    Revenue: $4.21B-9.3%
    |
    EPS: $0.34+26.4%
    Meet

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 26, 2022|
    Revenue: $4.84B+7.2%
    |
    EPS: $0.28-27.2%
    Miss

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Apr 9, 2021|
    Revenue: $4.23B+14.6%
    |
    EPS: $0.36+2.5%
    Meet