Tencent Music Q1 Earnings Report: Music IP Shapes Innovative Development Momentum

Today, we released our Q1 2026 earnings report.

In the first quarter of 2026, Tencent Music Entertainment Group maintained steady growth. Total revenue for the first quarter was RMB 7.9 billion, a year-on-year increase of 7.3%; adjusted net profit was RMB 2.33 billion, a year-on-year increase of 4.8%; adjusted EBITDA was RMB 2.83 billion, a year-on-year increase of 10.5%. Revenue from music-related services showed diversified growth, increasing by 12.2% year-on-year to RMB 6.51 billion this quarter. Among this, revenue from music-related subscription services reached RMB 4.57 billion, a year-on-year increase of 6.6%; revenue from non-subscription music-related services grew particularly strongly, up 28.0% year-on-year to RMB 1.94 billion.

Deepening the value of IP to drive diversified growth. Based on the 'one body, two wings' strategy of content and platform, we are committed to comprehensively cultivating the music ecosystem, building a differentiated one-stop music service platform, and continuously enhancing the value release of high-quality music IPs. On the content level, we strengthen our content ecosystem advantages, consolidate the evergreen music library, create more popular self-produced content, and continue to focus on offline performances, music merchandise, and artist collaborations. On the platform level, we stabilize our user base through more diversified operations, providing multi-level subscription services to better offer differentiated music experiences for different user groups with varying music needs.

Looking ahead, we remain committed to creating long-term value, transforming the value of music IPs into innovative development momentum, and working hand-in-hand with industry partners to expand new opportunities for the music industry.

$Tencent Music (TME.US)$ $TME-SW (01698.HK)$

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