Company: TME
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0000950170-25-056949
Chunk: 217

Company: Tencent Music Entertainment Group
Filing Date: 2025-04-23
Form: 20-F
Item: Item 5
Chunk 217
---
0        10,427      37.6         6,659   912             23.4
Total revenues                                 28,339     100.0        27,752     100.0        28,401        3,891     100.0

Online music services. We generate revenues from our online music services primarily from (i) music subscriptions, namely sale of subscription packages with various privileges for a fixed fee and (ii) offering display and performance-based advertising solutions on our platform with pricing arrangements based on various factors, including the form and size of the advertisements, level of sponsorship and popularity of the content. In 2022, 2023 and 2024, revenue from music subscriptions was RMB8,699 million, RMB12,096 million and RMB15,227 million (US$2,086 million), respectively. In addition, we also generate online music revenues from: (i) providing long-form audio-related services, including subscription packages to access our audio content; (ii) content licensing; (iii) sales of digital music albums; (iv) sales of artist-related merchandise; and (v) offline performances and concerts. We expect our revenues from online music services to increase in both absolute amount and as a percentage of our total revenues in the foreseeable future.
Social entertainment services and others. We generate our social entertainment and other services revenues through live streaming, online karaoke and certain other services. We generate revenues from live streaming and online karaoke services primarily through sales of virtual gifts, with a portion of these revenues typically shared with the content creators, including live streaming performers and their agents, based on an agreed-upon percentage. We also generate a growing portion of the revenues from offering display and performance-based advertising solutions on our platform and selling premium memberships to our users. We expect that our revenue from social entertainment services and others may be subject to downward pressure in the foreseeable future, due to a combination of multiple factors. These factors include the evolving macro environment, increased competition from other platforms, adjustments to specific live-streaming interactive features, and stricter compliance measures, among others. In particular, in response to the heightened regulatory oversight on live streaming platforms and performers, we implemented adjustments to certain live-streaming interactive functions for service enhancement and risk control since 2023, which resulted in a decline in the revenues from social entertainment services and others. See also “Item 3. Key Information - 3.D. Risk Factors - Risks Related to Our Business