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Tencent Music Entertainment was established in July 2016 with Tencent 's purchase of China Music Corporation to strengthen its music offerings. On July 4, 2018, Sony/ATV Music Publishing acquired an equity stake in Tencent Music Entertainment. In October 2018, the firm filed for IPOs of around $2 billion in the United States.
In December 2018, the company announced an IPO with the total value of shares around $1.23 billion, which includes 82 million ADS and 164 million regular shares priced around $13 - $15.
On January 30, 2019, SM Entertainment, the largest entertainment agency of South Korea entered into strategic partnership agreement with China's Tencent Music Entertainment that included music distribution and marketing in the Chinese market.
In June 2020, the Government of India banned QQ Music with 58 other Chinese origin apps citing data and privacy issues. The border tensions in 2020 between India and China might have also played a role in the ban.
As of 2023, 16.47% of Tencent Music Entertainment class A ordinary shares are owned by Spotify.
On May 27, 2025, Hybe Corporation announced it would sell all of its shares in SM Entertainment to the company.
On June 10, 2025, it was announced Tencent Music Entertainment would buy Ximalaya.