Tencent Music Entertainment Group (TME) Revenue History
Annual and quarterly revenue from 2016 to present
TME Revenue Over Time (2016–2025)
TME Revenue Growth History
7 of 9 years with positive growth- FY2016 revenue growth
- N/A
- FY2017 revenue growth
- +151.8%
- FY2018 revenue growth
- +72.9%
- FY2019 revenue growth
- +34.0%
- FY2020 revenue growth
- +14.6%
- FY2021 revenue growth
- +7.2%
- FY2022 revenue growth
- -9.3%
- FY2023 revenue growth
- -2.1%
- FY2024 revenue growth
- +2.3%
- FY2025 revenue growth
- +15.8%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $7.74B | +3.8% |
| Q3 2025 | $8.46B | +20.6% |
| Q2 2025 | $8.44B | +17.9% |
| Q1 2025 | $7.36B | +8.7% |
| Q4 2024 | $7.46B | +8.2% |
| Q3 2024 | $7.01B | +6.8% |
| Q2 2024 | $7.16B | -1.7% |
| Q1 2024 | $6.77B | -3.4% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
TME's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
TME Revenue Analysis (2016–2025)
Current Revenue & Growth
As of June 21, 2026, Tencent Music Entertainment Group (TME) generated trailing twelve-month (TTM) revenue of $32.01 billion, reflecting modest growth of +3.8% year-over-year. The most recent quarter (Q4 2025) recorded $7.74 billion in revenue, down 8.5% sequentially.
Historical Growth Trajectory
TME's 5-year compound annual growth rate (CAGR) stands at +2.4%, indicating moderate growth over time. The 3-year CAGR of +5.1% exceeds the 5-year average, indicating an acceleration in the most recent period. Tencent Music Entertainment Group's highest annual revenue of $32.90 billion was recorded in 2025, an all-time high.
Revenue by Segment
TME's revenue is primarily driven by Online Music Services (98%), Online Music Services To Associates (2%), and Social Entertainment Services And Others To Associates (0%). With over half of revenue concentrated in Online Music Services, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Communication Services sector peers — including SPOT (+8.5% YoY), IDCC (+1.6% YoY), and AAPL (+12.8% YoY) — TME has underperformed the peer group in revenue growth. Compare TME vs SPOT →
TME Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TMECurrent | $32.0B | +3.8% | +2.4% | 29.6% | |
 SPOT | $17.2B | +8.5% | +16.9% | 12.8% | |
 IDCC | $834M | +1.6% | +18.4% | 55.3% | |
 AAPL | $416.2B | +12.8% | +8.7% | 32.0% | |
 AMZN | $716.9B | +14.2% | +13.2% | 11.2% | |
 GOOGL | $403.0B | +17.5% | +17.2% | 32.1% |
TME Historical Revenue Data (2016–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $32.90B | +15.8% | $14.54B | 44.2% | $9.74B | 29.6% |
| 2024 | $28.40B | +2.3% | $12.03B | 42.3% | $8.71B | 30.7% |
| 2023 | $27.75B | -2.1% | $9.79B | 35.3% | $6.06B | 21.8% |
| 2022 | $28.34B | -9.3% | $8.77B | 31.0% | $4.44B | 15.7% |
| 2021 | $31.24B | +7.2% | $9.40B | 30.1% | $3.80B | 12.2% |
| 2020 | $29.15B | +14.6% | $9.30B | 31.9% | $4.71B | 16.2% |
| 2019 | $25.43B | +34.0% | $8.67B | 34.1% | $4.62B | 18.2% |
| 2018 | $18.98B | +72.9% | $7.28B | 38.3% | $2.04B | 10.7% |
| 2017 | $10.98B | +151.8% | $3.81B | 34.7% | $1.59B | 14.5% |
| 2016 | $4.36B | - | $1.23B | 28.3% | $103.0M | 2.4% |
Full Stock Analysis
Deep dive into TME consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
10+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
TME — Frequently Asked Questions
Quick answers to the most common questions about buying TME stock.
Is TME's revenue growth accelerating or slowing?
TME revenue growth is slowing. TTM revenue is $32.0B, up +3.8% year-over-year — below the 5-year CAGR of +2.4%. The deceleration suggests maturing end-markets or increased competition.
What is TME's revenue history from 2016 to 2026?
Tencent Music Entertainment Group (TME) revenue history spans 2016 to 2026. TTM revenue as of 2026 is $32.0B, growing at +3.8% YoY. The 5-year CAGR is +2.4%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is TME's long-term revenue growth rate (CAGR)?
Tencent Music Entertainment Group's 5-year revenue CAGR of +2.4% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of +3.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for TME.
Why does TME's quarterly revenue fluctuate?
TME quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Tencent Music Entertainment Group's revenue data from 2016 to 2026 shows full historical quarterly detail on this page.
How is TME's revenue distributed by segment?
TME reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does TME's revenue compare to industry peers?
Tencent Music Entertainment Group (TME) with TTM revenue of $32.0B and +3.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.