UPDATE 1-Tencent Music beats quarterly revenue estimates

Reuters03-19

(Adds shares in paragraph 3, details about results in paragraph 4, 5)

March 19 (Reuters) - China's Tencent Music Entertainment Group beat fourth-quarter revenue estimates on Tuesday, driven by growth in paid subscription on its Spotify-like music streaming platform.

The audio entertainment platform reported revenue of 6.89 billion yuan ($957.02 million) for the quarter. Analysts on average had expected revenue of 6.71 billion yuan, according to LSEG data.

U.S.- listed shares of Tencent Music rose 2% premarket trading.

The company's online music service revenue jumped 41.1% to 5.02 billion yuan year-on-year, thanks to steady growth in paid subscriptions and advertising services.

Tencent Music's earnings per American depository share $(ADS.AU)$stood at 0.83 yuan, compared to 0.72 yuan in the same period a year earlier.

($1 = 7.1994 Chinese yuan renminbi)

(Reporting by Priyanka.G in Bengaluru; Editing by Maju Samuel)

((Priyanka.G@thomsonreuters.com;))

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