Company: TME
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0000950170-25-056949
Chunk: 224

Company: Tencent Music Entertainment Group
Filing Date: 2025-04-23
Form: 20-F
Item: Item 5
Chunk 224
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 tax                                                     4,373             15.4             6,045             21.8             8,712            1,194             30.7    
Income tax expense                                                            (534   )         (1.9   )          (825   )         (3.0   )        (1,603   )         (220   )         (5.6   )
Profit for the year                                                          3,839             13.5             5,220             18.8             7,109              974             25.0    
Note:
(1)Share-based compensation expenses were allocated as follows: 

 113

                                                          For the Year Ended December 31,
                                           2022          2023                        2024
                                            RMB           RMB           RMB           US$
                                                                            (in millions)
Cost of revenues                             74            57            68             9
Selling and marketing expenses               43            36            30             4
General and administrative expenses         706           577           498            68
Total                                       823           670           596            82

(2)Finance cost mainly comprises interest on notes we issued and lease liabilities, and foreign exchange gains or losses, net. 
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
Revenues
Our revenues increased by 2.3% from RMB27,752 million in 2023 to RMB28,401 million (US$3,891 million) in 2024.
Online music services
Our revenues generated from online music services increased by 25.5% from RMB17,325 million in 2023 to RMB21,742 million (US$2,979 million) in 2024, mainly driven by an increase in music subscription revenues of RMB3,131 million (US$429 million) in 2024, supplemented by growth in revenues from advertising services of RMB828 million (US$113 million). Additionally, increased revenues from offline performances also contributed to the growth in revenues from online music services.
Our revenues generated from music subscriptions increased by 25.9% from RMB12,096 million in 2023 to RMB15,227 million (US$2,086 million) in 2024. This rapid growth was driven by continuous expansion in the online music paying user base and improved ARPPU.