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China’s Tencent Music beats revenue estimates on paid subscriber growth

todayNovember 14, 2023 3

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The logo of China’s Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing Rights

Nov 14 (Reuters) – China’s Tencent Music Entertainment (1698.HK) beat estimates for third-quarter revenue on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform.

Tencent Music, which includes platforms such as QQ Music, Kugou Music, Kuwo Music and WeSing, has won listeners over by bundling everything from karaoke platforms to live concert streaming services.

Total revenue of the Tencent Holdings Ltd-controlled (0700.HK) company, however, fell to 6.57 billion yuan ($900.9 million) in the third quarter. Analysts were expecting revenue of 6.31 billion yuan, according to LSEG data.

Paying users for its online music streaming service rose to 103 million in the quarter from 85.3 million.

Net profit attributable to equity holders of the company rose to 1.71 billion yuan from 1.06 billion yuan a year earlier.

($1 = 7.2924 Chinese yuan renminbi)

Reporting by Harshita Mary Varghese and Akash Sriram in Bengaluru; Editing by Pooja Desai

Our Standards: The Thomson Reuters Trust Principles.

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Written by: Soft FM Radio Staff

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