World Cup anthem puts Tencent Music Entertainment Group (TME) in global spotlight

Coca-Cola’s official 2026 FIFA World Cup anthem, “JUMP,” created with Tencent Music Entertainment Group (TME), is putting the China based music platform in front of worldwide listeners through both domestic and global streaming services.

Despite the global attention from the World Cup anthem, the share price has come under pressure, with the 90 day share price return down 37.74% and the year to date share price return down 49.10%. The 3 year total shareholder return of 29.93% contrasts with a 46.68% decline over the past year, pointing to fading momentum after earlier gains.

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So with the stock down sharply over the past year, even as TME gains global exposure from the World Cup anthem, is the current valuation a reset that leaves upside on the table, or is the market already pricing in future growth?

Most Popular Narrative: 48.3% Undervalued

With Tencent Music Entertainment Group last closing at $9.09 against a narrative fair value of $17.59, the current pricing gap is hard to ignore for anyone tracking the stock.

Proprietary content development, exclusive partnerships (with Korean labels and Chinese artists), and investments in original artist incubation strengthen content differentiation, support premium pricing, and reduce long-term content costs. These factors contribute to higher gross margins and defensible market share.

Want to see what sits behind that confidence in content economics and pricing power? The narrative focuses on future revenue, margin resilience and a richer earnings mix.

Result: Fair Value of $17.59 (UNDERVALUED)

However, regulatory pressure in China and rising competition from platforms like Soda Music could still weigh on user growth, margins, and earnings visibility.

Next Steps

Given the mix of optimism and concern in this story, it makes sense to look at the numbers yourself and move quickly to form your own view. Start with the 3 key rewards.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.