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
