Tencent Music beats quarterly revenue estimates
The company has capitalised on its position as the largest Chinese music-streaming platform with an attractive licensed music library
Add BT as a preferred source
CHINA’S Tencent Music Entertainment Group beat first-quarter revenue estimates on Monday (May 13), thanks to steady growth in paid subscriptions and advertising services on its Spotify-like music streaming platform.
The audio entertainment platform reported revenue of 6.77 billion yuan (S$1.26 billion) for the quarter ending March 31. Analysts were expecting revenue of 6.63 billion yuan, according to LSEG data.
The company has capitalised on its position as the largest Chinese music-streaming platform with an attractive licensed music library, and continues to focus on advertising services and artist merchandise.
Paying users at its online music streaming service rose 20.2 per cent to 113.5 million year-over-year. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Qatari LNG ship struck in Strait of Hormuz, testing US talks
DBS, OCBC and UOB shares hit all-time highs as sentiment improves
‘Baptism of fire’: Andre Khor on leading Singapore refiner Aster through an energy crisis
Singapore retains top spot as most expensive city for HNWIs, with five Apac cities in global top 10
