TMTPOST -- Tencent Music Entertainment Group reported fourth-quarter earnings that exceeded analyst expectations, driven by robust growth in its online music services. The leading Chinese online music platform posted adjusted earnings per American Depositary Share (ADS) of RMB 1.26 ($0.17) for the quarter ending December 31, 2024, surpassing the analyst consensus of RMB 1.22 by RMB 0.04. Revenue for the quarter reached RMB 7.46 billion ($1.02 billion), marking an 8.2% year-over-year increase and exceeding the expected RMB 7.3 billion. Following the earnings release, Tencent Music’s shares rose modestly by 0.77%, reflecting a tempered market response. The company’s strong performance was primarily fueled by its music subscription business, which saw revenues jump 18% year-over-year to RMB 4.03 billion ($552 million). The number of paying users grew by 13.4% to 121 million, while the average revenue per paying user (ARPPU) increased from RMB 10.7 to RMB 11.1. In a bid to enhance shareholder value, Tencent Music’s board approved an annual cash dividend of approximately $273 million for the fiscal year ending December 31, 2024. Additionally, the company announced a new Share Repurchase Program, authorizing up to $1 billion in buybacks over a 24-month period starting March 2025. These initiatives underscore Tencent Music’s commitment to delivering value to shareholders while capitalizing on its strong growth trajectory in the online music market.