China's Tencent Music Beats Revenue Estimates on Paid Subscriber Growth

Reuters2023-11-14

Nov 14 (Reuters) - China's Tencent Music Entertainment beat estimates for third-quarter revenue on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform. The shares rose nearly 1% in premarket trading.

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 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)

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