Tencent Music Entertainment Reports 27% Revenue Growth in Q3, Driven by Subscriptions and Live Events

Tencent Music Entertainment Group, China’s dominant online music and audio platform, reported strong third-quarter financial results, with online music service revenues climbing 27.2% year-over-year to RMB6.97 billion ($979 million) for the period ended Sept. 30, according to unaudited figures released Thursday.

The Chinese music streaming giant’s growth was fueled by increases across multiple revenue streams, including music subscriptions, offline performances, advertising services and artist merchandise. Music subscription revenues rose 17.2% to $632 million, primarily driven by expansion of the company’s SVIP membership program.

Monthly average revenue per paying user grew to $1.6 from $1.5 in the same period last year, reflecting the success of TME’s premium tier offerings. The company’s total operating profit increased 26.4% year-over-year to $381 million.

TME expanded its music catalog through partnerships with labels in South Korea and Japan, while collaborating with game developers to broaden its content offerings. The company partnered with Tencent Games to co-produce the Honor of Kings 10th-anniversary theme song “Atlas of Tomorrow,” performed by JJ Lin, which generated over 600 million social media mentions within two weeks of release.

The streaming service introduced a new ad-supported membership tier that attracted free-tier listeners and increased daily usage time. Artist-driven content, including digital albums and collectible NFC cards such as Eason Chan’s “Fear and Dreams,” helped drive SVIP subscription growth.

TME strengthened its position in live music during the quarter, hosting 14 sold-out G-Dragon concerts across Sydney, Melbourne and Kuala Lumpur that drew over 150,000 attendees. The company launched the TMElive International Music Awards, featuring 22 artists and groups from China and other Asian countries, which attracted over 20,000 attendees across two days.

The company’s annual TMEA 2025 event gathered 35 artists and groups, drawing over 10,000 attendees. TME also supported concert tours for artists including Fiona Sit, Tia Ray and Gai, with some performances scaling from arena-level to stadium-level venues.