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Tencent Music Entertainment Group (TME) investor relations material
Tencent Music Entertainment Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Achieved total revenues of RMB 8.5 billion in Q3 2025, up 21% year-on-year, driven by music subscriptions, live events, advertising, and artist merchandise.
Online music paying users reached 125.7 million, with a paying ratio of 22.8% and a 5.6% YoY increase in subscribers.
Maintains a leading position in China's online music industry, operating three of the top five music mobile apps and offering a content library of over 260 million tracks.
Expanded global presence through large-scale concerts, new proprietary concert IPs, and renewed partnerships with major artists and labels.
Continued innovation in user experience, AI-powered features, and diversified membership tiers, leading to increased SVIP penetration and ARPPU.
Financial highlights
Total revenues grew 21% year-on-year to RMB 8.5 billion; online music services revenue rose 27.2% to RMB 6.97 billion.
Music subscription revenues reached RMB 4.5 billion, with monthly ARPPU at RMB 11.9, up 10.2% YoY.
Net profit attributable to equity holders rose 36% to RMB 2.2 billion; non-IFRS net profit was RMB 2.48 billion, up 27.7%.
Gross margin improved to 43.5%, up 0.9 percentage points year-on-year.
Cash, cash equivalents, term deposits, and short-term investments totaled RMB 36.08 billion as of September 30, 2025.
Outlook and guidance
Expects continued healthy growth in music subscriptions, though at a slower rate due to a high base; non-subscription businesses to grow faster.
Focus remains on premium content, technology-driven innovation, and diversified monetization to drive future growth.
Continued investment in AI, AIGC tools, and virtual fan-artist communities to enhance user engagement and monetization.
Q4 2025 and 2026 to see strong performance in online music, advertising, live concerts, and fan-based economy, with new product combinations and service formats.
Confident in high-quality growth, with ongoing investment in IP cultivation, self-produced content, and product innovation.
How does ads membership impact MAU trends?
How do new revenue streams affect cost structure?
What is the strategy for global presence expansion?
TME's content differentiation strategy
New growth areas' impact on gross margin trend?
Subscription growth drivers for 2026
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Next Tencent Music Entertainment Group earnings date
Q4 202517 Mar, 2026
Next Tencent Music Entertainment Group earnings date
Q4 202517 Mar, 2026
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Frequently asked questions
Tencent Music Entertainment Group operates online music entertainment platforms that provides music streaming, online karaoke, and live streaming services. The company offers online music platform through which users can listen to their favorite music; and online karaoke platform through which users can sing songs and chat with their friends. It also provides an online game platform through which users can view the game broadcast on the website; and live entertainment platform through which users can enjoy interactive collaborative music groups. In addition, the company offers its customers with turnkey solutions comprising of installed hardware, security control systems, a 24-hour cloud server and technical support for easy operation of the smart media network system to set up the multimedia interactive network. Tencent Music Entertainment Group is based in Shenzhen, China
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