Tencent Music beats quarterly revenue estimates (updated)

Tencent Music Entertainment

13/05/2024 10:12

(Adds details in paragraph 3)
       May 13 (Reuters) - China's Tencent Music Entertainment
Group  1698.HK   TME.N  beat first-quarter revenue estimates on
Monday, 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 ($935.9 million) for the quarter ending March 31.
Analysts were expecting revenue of 6.63 billion yuan, according
to LSEG data. 
    The company has capitalized 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% to 113.5 million year-over-year.

($1 = 7.2338 Chinese yuan renminbi)

 (Reporting by Priyanka.G in Bengaluru; Editing by Sonia Cheema)
 ((Priyanka.G@thomsonreuters.com;))