Reported about 8 hours ago
Tencent Music Entertainment reported a significant increase in its quarterly revenue, surpassing analysts' forecasts, fueled by a rise in subscribers for its music services. The company noted a 16.6% growth in music subscription revenue, while the user base grew by 8.3%. However, challenges remain in the social entertainment segment due to regulatory changes. Overall, Tencent Music's revenue rose 8.7% to 7.36 billion yuan, aided by the popularity of its premium Super VIP membership. The company is also in talks to acquire major online audio platform Ximalaya.
Source: YAHOO