Tencent Music's Big Win in 2024

Tencent Music Entertainment Group, often called TME, is China's top music streaming service. It recently shared its financial results for the last three months of 2024. The news was good. The company made a lot of money, especially from people paying for music subscriptions. TME runs several popular apps, like QQ Music, Kugou Music, and WeSing. In the last quarter of 2024, these apps brought in RMB7. 46 billion. That's about $1. 02 billion. This was 8. 2% more than the same time in 2023. The big winner here was online music services, which grew by 16. 1%. Music subscriptions were also strong, with a 18% increase. More people are paying for music too. TME now has 121 million subscribers. That's 13. 4% more than last year. Two million new people started paying for music in just three months. This is a big deal because it shows that people are willing to pay for music. The company's leaders are happy with these results. They said that TME is doing well because it focuses on making users happy and innovating. They also mentioned that they are working on new ways to use technology to make music better. For example, they have started using AI to create songs and build virtual communities for fans. TME is also looking at new ways to make money. They have partnered with car companies like BYD and XPENG. This means that people can listen to TME's music in their cars. This is a smart move because it opens up a new market for them. Looking ahead, TME wants to use AI to make their services even better. They want to give users more personalized experiences. This could mean that the app learns what kind of music you like and suggests new songs for you. It could also mean that the app finds concerts or events that you might like. TME is in a good place financially. They have a lot of cash on hand. This means that they can invest in new projects and keep growing. They also plan to give some of this money back to their shareholders. This is a good sign for investors.