(Yicai) March 19 -- Shares of Tencent Music Entertainment Group surged after China's biggest online music platform said profit jumped 35 percent last year from the year before, with the company continuing to diversify its revenue streams beyond its core subscription business.

Tencent Music [HKG: 1698] jumped 14.4 percent to HKD58.45 (USD7.52) a share as of 10.25 a.m. in Hong Kong today. Its New York-listed stock [NYSE: TME] closed 15.5 percent higher at USD15.09 yesterday.

Net profit was CNY6.6 billion (USD913.1 million) in the 12 months ended Dec. 31, the Shenzhen-based firm said in a financial report released yesterday. Revenue climbed 2.3 percent to CNY28.4 billion (USD3.9 billion).

Revenue from online music services soared 26 percent to CNY21.7 billion, thanks to a jump in music subscription and advertising income, Tencent Music noted. However, revenue from social entertainment services and others tumbled 36 percent to CNY6.7 billion, mainly due to "adjustments to certain livestreaming interactive functions and more stringent compliance procedures implemented," it added.

"2024 was a year of solid progress for Tencent Music, marked by strong performance in our online music business, driving overall revenue growth and expanding profit margins," said Executive Chairman Cussion Pang. "Our pioneering initiatives across the music value chain have reshaped the industry landscape and enriched our ecosystem, boosting subscriber penetration rate and lifetime value."

For the fourth quarter, Tencent Music reported its net profit soared 50 percent to nearly CNY2 billion from a year earlier, while its revenue rose 8.2 percent to CNY7.5 billion.

Tencent Music, which owns QQ Music, Kugou Music, and Kuwo Music, had 121 million paying users as of Dec. 31, up 13 percent from a year earlier. Average revenue per paying user rose 3.7 percent to CNY11.10 (USD1.54).

"Our unwavering focus on user experience and effective operations have been crucial for stellar performance in 2024 and will continue to underpin future development," said Ross Liang, chief executive of Tencent Music. "Looking ahead to 2025, we aim to harness the power of AI to personalize our services and bring more new experiences to users."

In addition, Tencent Music announced an annual dividend of around USD273 million and an expanded share repurchase program of up to USD1 billion over 24 months starting this month.

Editor: Martin Kadiev