Tencent Music Entertainment Group

TME

Equity

ISIN US88034P1093 / Valor 44023672

New York Stock Exchange, Inc (2024-11-20)

USD 11.44+2.60%

Tencent Music Entertainment Group
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About company

Tencent Music Entertainment Group (TME) is a leading force in the digital music and audio entertainment landscape in China, offering a wide array of services across its platforms. TME operates TME Music Cloud, a digital distribution platform that caters to musicians, music labels, and record companies worldwide, facilitating global distribution, data analysis, and marketing services. It boasts partnerships with over 200 domestic and international platforms, including notable names like Apple Music and Douyin, providing a comprehensive cloud-based music library and customized operations. Additionally, TME owns Lazy Audio, a premier platform for long-form audio content in China, offering a diverse range of audiobooks, audio dramas, and educational content since 2012. QQ Music, another TME entity established in 2005, delivers a rich music experience with innovative features for user interaction and entertainment, while Kugou Music, founded in 2004, remains a popular online music platform in China, known for its extensive music content and social features. Collectively, these platforms underscore TME's commitment to enhancing the digital music experience, catering to a wide spectrum of user preferences and setting industry standards in technological innovation and content diversity.

Summarized from source with an LLMView SourceSector: Consumer Non-Cyclicals

Total Revenue

Tencent Music Entertainment Group's total revenues for the first quarter of 2024 were RMB6.77 billion (US$937 million), representing a 3.4% year-over-year decrease. This decline was primarily due to reduced revenues from social entertainment services, partially offset by strong growth in online music services.

Music Subscription Revenue

Revenues from music subscriptions reached RMB3.62 billion (US$501 million) in the first quarter of 2024, marking a 39.2% year-over-year growth. The number of paying users increased by 20.2% year-over-year to 113.5 million, with a significant quarter-over-quarter net increase of 6.8 million users.

Net Profit

Tencent Music Entertainment Group reported a net profit of RMB1.53 billion (US$212 million) for the first quarter of 2024, reflecting a 27.5% year-over-year increase. The net profit attributable to equity holders of the Company was RMB1.42 billion (US$197 million), up 23.9% year-over-year.

Cash and Equivalents

As of March 31, 2024, Tencent Music Entertainment Group's total cash, cash equivalents, and term deposits amounted to RMB34.18 billion (US$4.73 billion). This strong cash position underscores the company's financial stability and liquidity.

Annual Cash Dividend

Tencent Music Entertainment Group declared an annual cash dividend for the year ended December 31, 2023, amounting to approximately US$210 million. This dividend will be paid to shareholders as of the record date, reflecting the company's commitment to returning value to its investors.

Summarized from source with an LLMView Source

Key figures

28.0%1Y

50.1%3Y

-5.77%5Y

Performance

48.7%1Y

62.9%3Y

59.5%5Y

Volatility