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China's Tencent Music revenue beats estimates on strong user growth

May 16, 2023
Source: reuters.com reuters.com
News Snapshot:
May 16 (Reuters) - China's Tencent Music Entertainment Group (1698.HK), on Tuesday reported higher revenue after five straight quarterly declines, driven by growth in paying users on its Spotify-like music streaming platform, sending its U.S.-listed shares up nearly 3% in premarket trading. The company, which is China's answer to Spotify (SPOT.N), has been ramping up its original content slate to help put more users behind a paywall, as it competes with the likes of NetEase's Cloud Music and Bytedance-owned short video sharing platform Douyin. Paying users at its online music streaming service rose to 94.4 million in the quarter, up...
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