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Tencent Music Entertainment Revenue Grew 8% to $1B in Q4 as Subscribers Reach 121 Million
Tencent Music Entertainment's Q4 2024 earnings show that revenue was up 8% to $1 billion, while net profit climbed 47.3% to $284 million.
Tencent Music Entertainment surpassed revenue of $1 billion in the fourth quarter, representing an 8.2% increase from the prior-year period, while net profit climbed 47.3% to $284 million. The social entertainment business has suffered a sharp decline since the Chinese government began cracking down on the use of live-streaming apps to enable gambling in 2021. For the full year, revenue increased 2.3% to $3.89 billion while net profit climbed 36.2% to $974 million, and gross margin improved to 42.3% from 35.3%.
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