Company: TME
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0000950170-25-056949
Chunk: 257

Company: Tencent Music Entertainment Group
Filing Date: 2025-04-23
Form: 20-F
Item: Item 7
Chunk 257
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 which is considered to be material.
The table below sets forth the major related parties and their relationships with us as of December 31, 2024.

Name of related parties                                                                          Relationship with the Group
Tencent and its subsidiaries other than the entities controlled by the Group (“Tencent Group”)   The Group’s principal owner

The table below sets forth our significant related party transactions for the periods indicated.

                                                                                                                                                                    For the Year Ended December 31,
                                                                                                                      2022                  2023                   2024                            
                                                                                                                                 RMB                    RMB                 RMB                 US$
                                                                                                                                                                                      (in millions)
Revenues                                                                                                                                                                                           
Online music services to Tencent Group(1)                                                                                        338                    172                 188                  26
Online music services to the Company’s associates and associates of Tencent Group                                                276                    397                 365                  50
Social entertainment services and others to Tencent Group, the Company’s associates and associates of Tencent Group               71                     55                  43                   6
Expenses                                                                                                                                                                                           
Operation expenses recharged by Tencent Group(2)                                                                               1,272                  1,188                 798                 109
Advertising agency cost to Tencent Group (3)                                                                                     556                    755                 959                 131
Content royalties to Tencent Group, the Company’s associates and associates of Tencent Group(4)                                  612                    796                 642                  88
Other costs to the Company’s associates and associates of Tencent Group                                                           68                     26                 138                  19
Notes:
(1)Primarily include revenue from online advertising and subscriptions provided to Tencent Group pursuant to the Business Cooperation Agreement. 
(2)Primarily include expenses associated with cloud services and certain administrative functions provided to us by Tencent Group. 
(3)Primarily include advertising fees paid to Tencent Group for our advertising services sold through Tencent Group. 
(4)Primarily include content royalty we paid to Tencent Group and music labels who are our associates or the associates of Tencent Group.

 132

 The table below sets forth the balances with our related parties as of the dates indicated.

                                                                                                                              As of December 31,
                                                                           2022                2023                2024                         
                                                                                     RMB                 RMB                 RMB             US$
                                                                                                                                   (in millions)
Included in accounts receivable from related parties:                                                                                           
Tencent Group                                                                      1,760               1,824               2,343             321
The Company’s