Tencent Music's 2025 Q4 and full-year financial report: diversified business drives high-quality performance growth, with total revenue reaching 32.9 billion yuan for the full year.

On March 17, 2026, Tencent Music Entertainment Group (hereinafter referred to as "Tencent Music") released its unaudited financial performance report for the fourth quarter and full year ending December 31, 2025. The financial report shows that Tencent Music's overall performance in the fourth quarter and full year achieved steady growth, with total revenue for 2025 increasing by 15.8% year-on-year to 32.9 billion yuan, reaching a historic high. Adjusted net profit increased by 22% year-on-year to 9.92 billion yuan. The online music business continued to show robust growth, with total revenue from online music services reaching 26.73 billion yuan for the year, a year-on-year increase of 22.9%. In the fourth quarter, online music service revenue increased by 21.7% year-on-year to 7.1 billion yuan. While online music subscription revenue continued to grow steadily, online music non-subscription revenue accelerated to 2.54 billion yuan, a year-on-year increase of 40.8%. In addition, the financial report disclosed that Tencent Music will distribute a total of approximately 368 million US dollars in annual cash dividends for the 2025 fiscal year, creating long-term value returns for shareholders. In the fourth quarter and full year of 2025, Tencent Music's online music business continued to show strong growth, driving overall performance steadily forward. Guided by the "one body, two wings" strategy of content and platform, Tencent Music deepened the creation of a differentiated one-stop music service platform. By introducing a diverse music library and exploring the value of content, enhancing co-creation content, strengthening promotional capabilities, and accelerating the expansion of diversified services centered around music, Tencent Music built a vibrant content ecosystem. Furthermore, by continuously improving the platform's multiple products and layouts, upgrading membership services, and deepening innovation and application of AI technology, Tencent Music provided users with a comprehensive and differentiated music consumption experience, driving steady performance growth and continuously creating long-term value for the music industry. The multi-growth of the online music business has effectively driven the steady progress of the overall performance. According to the "China Internet Development Yearbook (2025-2026 Core Trend Insights)" published by QuestMobile, the strategic focus of Internet platforms has shifted from simply "capturing traffic" to "user-centered" value cultivation. This trend is also evident in the online music field. As user payment habits deepen, their demand for high-quality content and deep experiences is increasing. The "2025 China Music Industry Development Annual Report" shows that music consumption is evolving towards diversification and has moved beyond the realm of pure auditory enjoyment to a value system that pays for emotional resonance, identity recognition, and cultural experiences. Amid the continuous evolution of the industry, Tencent Music accurately grasped the forefront trends and user needs, relying on a diverse integrated music service system to continuously strengthen its core competencies. This has led to solid growth in the online music business, with online music subscription services showing long-term steady growth. Meanwhile, non-subscription businesses around music IP accelerated expansion, contributing to incremental growth and driving overall performance steadily forward. Benefiting from the steady growth of online music subscription revenue and rapid growth of non-subscription revenue, Tencent Music's online music business saw strong growth in 2025, further driving steady growth of the overall performance. Total revenue for the full year rose by 15.8% to 32.9 billion yuan, with online music service revenues reaching 26.73 billion yuan, up by 22.9%, accounting for over 80% of total revenue. Among these, online music subscription revenue increased by 16% year-on-year to 17.66 billion yuan, while online music non-subscription revenue grew by 39.2% to 9.07 billion yuan. In the fourth quarter, the growth trend continued, with online music service revenue increasing by 21.7% to 7.1 billion yuan. The number of online music paying users increased to 127.4 million, and ARPPU rose from 11.1 yuan in the same period of 2024 to 11.9 yuan. Based on Tencent Music's solid and steady performance, the market generally holds positive expectations for its future development. Citibank pointed out in a research report that Tencent Music is gradually transforming its operational experience in the music industry to strengthen its advantage as a one-stop music service platform. This not only meets the diverse music needs of users but also increases revenue through multiple channels. JPMorgan Chase also believes in a research report that Tencent Music's strategic value in offline activities goes beyond direct monetization, effectively increasing online user engagement and further promoting the growth of super members. By deepening the creation of a differentiated one-stop music service platform, Tencent Music aims to create long-term value for the industry. In the fourth quarter and full year of 2025, Tencent Music synergized content ecosystem, technological innovation, and user experience to deepen its differentiated one-stop music service platform layout. Building on an expanding library of diverse music types, Tencent Music extended its cooperation boundaries, amplified content value, enriched self-made and co-created songs, strengthened promotional capabilities, expanded diverse music services, and consolidated unique content ecosystem advantages. On the platform side, Tencent Music continued to empower AI in music creation and experience, optimized multi-matrix product functions, upgraded membership benefits, met personalized user needs, led music consumption trends, and helped drive high-quality development for the music industry. The increasingly vibrant content ecosystem plays a significant role in driving Tencent Music's performance growth. To strengthen diversified and differentiated content supply, Tencent Music extended its cooperation with record companies, renewed contracts with Warner Music Group and Believe Music, and expanded cooperation with Universal Music Group, adding Dolby Atmos sound effects to over 300 classic works of artists like Chen Yixun, Andy Lau, and Leslie Cheung. These efforts enhance users' immersive listening experiences and meet the personalized music needs of young users, such as through the recent contract renewal with Korean label P NATION CORPORATION, providing 30-day exclusive rights for new releases by its artists and groups. Additionally, Tencent Music's content production capabilities continue to improve, evident in the rapid success of the Mid-Autumn Festival-themed song "Years and Years" produced by the TME Studio and Xiao Zhan Studio, which quickly climbed to the top of charts in 17 countries and regions globally. Furthermore, several songs co-produced by Tencent Music featured on the 2026 CCTV Spring Festival Gala became hits, showcasing their differentiated self-produced content's high recognition in the market. Building on the rich content library, Tencent Music focuses on strategic artist collaborations to deepen its music-centered platform, accelerating the expansion of offline events, merchandise, song promotions, and other diverse content services to amplify artist influence, release IP value further. In the live performance arena, Tencent Music successfully hosted flagship offline events, such as G-DRAGON's 2025 large-scale concert tour, where the two shows in China Taipei Dome in the fourth quarter drew over 75,000 attendees, demonstrating the platform's mature and professional event management capabilities. Furthermore, Tencent Music continuously innovates artist merchandise, collaborating with top Western artists like Ed Sheeran to create KIT versions for his new album "Play" and releasing exclusive physical products around tours by artists such as Yu Shuxin, Zhang Yixing, and Lu Han, meeting fan collectible demands and leading music consumption trends. Leveraging efficient music promotion services, Tencent Music propelled several theme songs like Lin Junjie's "Tomorrow Coordinates," Andy Lau's "Extraordinary," Zhang Jie's "Storm Youth," and Zhou Shen's "Ten-Year Pact" to the top of major music charts, facilitating broader brand exposure and emotional connections with users. While consolidating the advantage of its content ecosystem, Tencent Music innovatively creates a user-centered platform service and experience that is comprehensive, multi-layered, and designed for users. This quarter, Tencent Music deepened its multi-terminal layout on PC, in vehicles, smart speakers, wearable devices, and more, catering to diverse user needs through platforms like QQ Music, Kugou Music, Kuwo Music, Quanmin K Ge, Podium Music, and Kugou Concept. Additionally, QQ Music introduced new social functions, such as Weverse DM, connecting users with around 170 artists under labels like HYBE, fostering artist-fan relationships and interactions. To meet the deep music consumption needs of high-value users, Tencent Music launched more premium and unique benefits, such as priority ticket packages for QQ Music's 2026 Super Pinnacle Night and "Music Fate Plan 2" Annual Gala, high-quality sound effects, personalized customization, and other exclusive features, effectively driving retention and conversion of super members. By the end of 2025, the number of super member users exceeded 20 million, showcasing significant growth for the New Journey Health Technology Group. Tencent Music actively promotes AI technology upgrades and deeply integrates them into all segments of the industry chain to bring new experiences to music creation and consumption. In the creative space, Tencent Music's all-in-one AI music production platform empowers over 150,000 music creators and more than 10 million ordinary users, greatly enhancing efficiency in music creation. In distribution and consumption segments, Tencent Music deepens collaboration within the Tencent ecosystem, integrating Yuans into QQ Music to enhance music recommendation efficiency and better satisfy personalized user needs. Additionally, QQ Music's AI Agent, powered by Yuan, serves as a centralized system that not only intelligently recommends songs based on natural language commands but also directs users to purchase digital albums and merchandise, effectively driving consumption conversions. In the fourth quarter and full year, Tencent Music's strategy of content and platform has shown significant results, expanding diverse music services, building a vibrant high-quality content ecosystem, continuously innovating platform functions and services, focusing on AI-empowered music creation and consumption experiences, and further creating a differentiated one-stop music service platform. This drives multi-growth in online music business, confirming Tencent Music's sustained core advantage in a complex and evolving industry landscape, leading to steady development. In the future, Tencent Music will continue to collaborate with industry partners to create long-term sustainable value for users, artists, and the industry.