Record-Breaking Quarter for Tencent Music

Tencent Music Entertainment Group has reported a significant milestone in its financial performance for the fourth quarter of fiscal 2024. The company's total revenues reached 7.46 billion yuan (approximately $1 billion), marking an 8.2% increase from the previous year. This growth underscores the company's robust position in the digital music industry.

Financial Highlights and Future Plans

In the three months ending December 31, 2024, Tencent Music saw its profit and diluted earnings per share (EPS) both jump by 50% to 2.1 billion yuan ($284 million) and 0.63 yuan ($0.09), respectively. For the entire year of 2024, the company achieved a 2% increase in revenue to 28.4 billion yuan ($3.9 billion), with profit and diluted EPS skyrocketing by 36% and 37%, respectively.

CEO Ross Liang emphasized the company's commitment to enhancing user experience and operational efficiency as key drivers of its success. In addition, Executive Chairman Cussion Pang announced a generous annual dividend of approximately US$273 million and an expanded share repurchase program of up to US$1 billion, signaling confidence in the company's future growth prospects.