Tencent Music Entertainment Group reported a significant increase in its fourth-quarter revenue, reaching RMB7.46 billion ($1.02 billion), marking an 8.2% year-over-year growth. The surge was primarily driven by a 16.1% increase in online music services revenue to $799 million, with music subscription revenue jumping 18% to $552 million. The company's paying user base expanded to 121 million subscribers, up 13.4% from the previous year. Additionally, net profit for the quarter reached $284 million, with operating profit at $330 million and a gross margin of 43.6%. Monthly average revenue per user (ARPU) was reported at $1.52. For the full year of 2024, Tencent Music's total revenue rose by 2.3% to $3.89 billion, with net profit increasing by 36.2% to $974 million. The company's focus on music subscriptions contributed to a 25.9% rise in annual music subscription revenue to $2.09 billion. This growth reflects Tencent Music's strategic shift towards its core music services amid a decline in its social entertainment segment, which saw a 13% drop in revenue to $223 million, with mobile monthly active users (MAUs) at 82 million and paying users at 7.7 million. Tencent Music also announced a robust financial strategy moving forward, including an annual cash dividend of approximately $273 million and a new share repurchase program of up to $1 billion over a 24-month period starting in March 2025. These moves underscore the company's confidence in its financial health and future growth prospects.