Description

Tencent Music Entertainment Group’s RMB 32.9 Billion Revenue Base Faces AI Driven Competition

Tencent Music Entertainment Group reported solid financial results for the full year and fourth quarter of 2025, reflecting growth across its core music subscription business and expanding non-subscription offerings. Total revenues for 2025 reached RMB 32.9 billion, representing a 16% year-over-year increase, with online music services contributing RMB 26.7 billion, up 23% annually. Music subscription revenues rose 16% to RMB 17.7 billion, supported by a multi-tier membership system comprising standard, SVIP, and an ad-supported membership launched in late 2025. This system was highlighted as instrumental in driving subscriber growth, retention, and increased average revenue per paying user. The SVIP user base surpassed 20 million by the end of the year, with ARPPU showing a modest upward trend. Beyond subscription revenues, Tencent Music Entertainment Group demonstrated notable progress in non-subscription segments including advertising, live concerts, and artist-related merchandise sales.