:China's Tencent Music Entertainment Group topped quarterly revenue estimates on Tuesday as the Spotify-like music streaming platform benefited from growth in paying users, sending its U.S. shares 2 per cent higher in premarket trading.The company has been ramping up its original content slate to attract more
:China's Tencent Music Entertainment Group topped quarterly revenue estimates on Tuesday as the Spotify-like music streaming platform benefited from growth in paying users, sending its U.S. shares 2 per cent higher in premarket trading.
Paying users at its online music streaming service rose to 94.4 million in three months to March 31, from 88.5 million in the prior quarter, with revenues from music subscriptions soaring 30.4 per cent year-over-year. Total revenue rose 5.4 per cent to 7.00 billion yuan in the first quarter, beating analysts' estimates of 6.86 billion yuan, according to Refinitiv data.
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