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Tencent Music is the largest online music service provider in China. It was founded in 2016 with the business combination of QQ Music (founded in 2005), Kuwo Music (founded in 2005) and Kugou Music (founded in 2004) streaming platforms. Tencent is the largest shareholder of TME with over 50% shares and over 90% voting rights held. TME also provides social entertainment services, including music live audio/video broadcasts and online concert services through the three platforms mentioned above, and online karaoke through an independent platform WeSing.
2012
5.2K+
LTM Revenue $4.0B
LTM EBITDA $1.3B
$18.5B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Tencent Music has a last 12-month revenue of $4.0B and a last 12-month EBITDA of $1.3B.
In the most recent fiscal year, Tencent Music achieved revenue of $3.6B and an EBITDA of $922M.
Tencent Music expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Tencent Music valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $3.6B | $3.6B | XXX | XXX | XXX |
| Gross Profit | $1.2B | $1.1B | XXX | XXX | XXX |
| Gross Margin | 33% | 32% | XXX | XXX | XXX |
| EBITDA | $726M | $922M | XXX | XXX | XXX |
| EBITDA Margin | 20% | 26% | XXX | XXX | XXX |
| Net Profit | $390M | $473M | XXX | XXX | XXX |
| Net Margin | 11% | 13% | XXX | XXX | XXX |
| Net Debt | n/a | n/a | XXX | XXX | XXX |
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As of April 15, 2025, Tencent Music's stock price is HKD 49 (or $6).
Tencent Music has current market cap of HKD 166B (or $21.4B), and EV of HKD 144B (or $18.5B).
See Tencent Music trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $18.5B | $21.4B | XXX | XXX | XXX | XXX | $0.31 |
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Sign UpAs of April 15, 2025, Tencent Music has market cap of $21.4B and EV of $18.5B.
Tencent Music's trades at 4.6x LTM EV/Revenue multiple, and 14.3x LTM EBITDA.
Analysts estimate Tencent Music's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for Tencent Music and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $18.5B | XXX | XXX | XXX |
| EV/Revenue | 5.2x | XXX | XXX | XXX |
| EV/EBITDA | 20.0x | XXX | XXX | XXX |
| P/E | 33.8x | XXX | XXX | XXX |
| P/E/Growth | 0.8x | XXX | XXX | XXX |
| EV/FCF | 23.3x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpTencent Music's NTM/LTM revenue growth is 9%
Tencent Music's revenue per employee for the last fiscal year averaged $0.7M, while opex per employee averaged $0.1M for the same period.
Over next 12 months, Tencent Music's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate Tencent Music's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for Tencent Music and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | -2% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 26% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 27% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 35% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.7M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.1M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 3% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 15% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 17% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Kartoon Studios | XXX | XXX | XXX | XXX | XXX | XXX |
| Nine Entertainment | XXX | XXX | XXX | XXX | XXX | XXX |
| Seven West Media | XXX | XXX | XXX | XXX | XXX | XXX |
| DouYu | XXX | XXX | XXX | XXX | XXX | XXX |
| Meb Corporation | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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Tencent Music acquired XXX companies to date.
Last acquisition by Tencent Music was XXXXXXXX, XXXXX XXXXX XXXXXX . Tencent Music acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was Tencent Music founded? | Tencent Music was founded in 2012. |
| Where is Tencent Music headquartered? | Tencent Music is headquartered in Hong Kong. |
| How many employees does Tencent Music have? | As of today, Tencent Music has 5.2K+ employees. |
| Who is the CEO of Tencent Music? | Tencent Music's CEO is Mr. Zhu Liang. |
| Is Tencent Music publicy listed? | Yes, Tencent Music is a public company listed on HKG. |
| What is the stock symbol of Tencent Music? | Tencent Music trades under 01698 ticker. |
| When did Tencent Music go public? | Tencent Music went public in 2022. |
| Who are competitors of Tencent Music? | Similar companies to Tencent Music include e.g. Kartoon Studios, Nine Entertainment, Seven West Media, DouYu. |
| What is the current market cap of Tencent Music? | Tencent Music's current market cap is $21.4B |
| What is the current revenue of Tencent Music? | Tencent Music's last 12-month revenue is $4.0B. |
| What is the current EBITDA of Tencent Music? | Tencent Music's last 12-month EBITDA is $1.3B. |
| What is the current EV/Revenue multiple of Tencent Music? | Current revenue multiple of Tencent Music is 4.6x. |
| What is the current EV/EBITDA multiple of Tencent Music? | Current EBITDA multiple of Tencent Music is 14.3x. |
| What is the current revenue growth of Tencent Music? | Tencent Music revenue growth between 2023 and 2024 was -2%. |
| Is Tencent Music profitable? | Yes, Tencent Music is EBITDA-positive (as of the last 12 months). |
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