Tencent Music Entertainment beats quarterly revenue estimates (updated)

Tencent Music Entertainment

13/08/2024 10:10

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       Aug 13 (Reuters) - Tencent Music Entertainment  1698.HK 
topped estimates for quarterly revenue on Tuesday as its paid
subscriber base grew across its music streaming platforms,
sending its U.S. listed shares up 2.4% in premarket trading. 
    The company's targeted promotions have helped it cultivate a
strong base of long-term paying customers. 
    Tencent Music has ventured into multi-channel promotions
through telecom operators as well as e-commerce and video
platforms, which has broadened its user reach.
    Its online music unit posted a 27.7% revenue rise in the
second quarter, which partly offset a 42.8% slump in revenue at
its social entertainment segment. 
    Total revenue of the Tencent Holdings-controlled  0700.HK 
company fell to 7.16 billion yuan ($998.59 million)in the second
quarter. Analysts were expecting revenue of 7.14 billion yuan,
according to LSEG data. 
    

($1 = 7.1701 Chinese yuan renminbi)

 (Reporting by Harshita Mary Varghese in Bengaluru; Editing by
Alan Barona and Arun Koyyur)
 ((HarshitaMary.Varghese@thomsonreuters.com))