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Tencent Music Entertainment Group: How Live Events & Fan Economies Are Reshaping Growth!

Tencent Music Entertainment Group reported strong third-quarter results in 2025, driven by significant growth in its online music business. Total revenues grew by 21% year-over-year to RMB 8.5 billion, with online music revenues increasing by over 27% to RMB 7 billion. The growth in music subscription revenues was notable, with a 70% year-on-year increase to RMB 4.5 billion, propelled by a steady rise in paying users and enhancements in ARPPU, which reached RMB 11.9 compared to RMB 10.8 from the previous year. Key factors included the expansion of the SVIP membership program and diversified membership offerings tailored to address varying user needs. A positive development was seen in non-subscription revenues, particularly with substantial contributions from live concert events and artist-related merchandise. Noteworthy concerts included the G-Dragon World Tour, which demonstrated Tencent Music Entertainment’s capability to stage large-scale, successful international events.