(Reuters) – China’s Tencent Music Entertainment Group beat first-quarter revenue estimates on Monday, thanks to steady growth in paid subscriptions and advertising services on its Spotify-like music streaming platform.
The audio entertainment platform reported revenue of 6.77 billion yuan ($935.9 million) for the quarter ending March 31. Analysts were expecting revenue of 6.63 billion yuan, according to LSEG data.
The company has capitalized on its position as the largest Chinese music-streaming platform with an attractive licensed music library and continues to focus on advertising services and artist merchandise.
Paying users at its online music streaming service rose 20.2% to 113.5 million year-over-year.
Furthermore, Tencent Music’s robust financial performance in Q1 sets a promising trajectory for future growth and sustainability. By leveraging data analytics and technology-driven solutions, the company continues to refine its content offerings and user experience.
Amidst evolving digital music trends, Tencent Music persists in innovating, thereby ensuring its sustained competitiveness in the market. Additionally, the company prioritizes delivering superior value to customers.
In conclusion, Tencent Music’s Q1 performance exceeding revenue estimates signifies its strong position in the digital music industry. Through innovative strategies and a commitment to customer satisfaction, the company continues to lead the market and drive sustainable growth. As Tencent Music revenue beats expectations, investors can anticipate further expansion and success in the coming quarters.
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