Investing
Tencent Music’s quarterly revenue rises as more Chinese users pay for music
© Reuters. FILE PHOTO: The logo of China’s Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File Photo
(Reuters) – China’s Tencent Music Entertainment Group (NYSE:) said on Tuesday second-quarter revenue rose 5.5% from a year ago, driven by growth in paying users on its Spotify-like music streaming platform and a recovery in the advertising market.
After months of conservative spending companies are starting to see a rebound on signs of cooling inflation and improving consumer sentiment through the rest of the year.
The company has also been ramping up its original content slate to attract more users and stave off competition from the likes of NetEase-owned Cloud Music and ByteDance’s short-video sharing platform Douyin.
Total revenue of the company, controlled by Chinese tech giant Tencent Holdings (OTC:) Ltd, stood at 7.29 billion yuan ($1.00 billion) in the quarter ended June 30, in line with Wall Street estimates, according to Refinitiv data.
Paying users at its online music streaming service rose 20.2% to 99.4 million in the quarter.
Subscriber growth also accelerated thanks to promotional discounts and users’ willingness to pay for premium features such as sound quality.
Net profit attributable to equity holders was 1.30 billion yuan, compared with 856 million yuan in the same period last year.
($1 = 7.2850 renminbi)
Read the full article here
-
Investing6 days ago
Hurricane Helene Hits Spruce Pine Mine, Quartz Used for Tech
-
Side Hustles7 days ago
5 Key Strategies for a Seamless Cloud Migration
-
Investing7 days ago
Israel stocks lower at close of trade; TA 35 down 0.23% By Investing.com
-
Side Hustles7 days ago
Why the Future of Cybersecurity Marketing Relies on Trust
-
Side Hustles6 days ago
VP Exec’s Top Tips for Negotiating and Relationship-Building
-
Passive Income7 days ago
Go Paperless with the PDF Reader Pro for $49.99
-
Side Hustles6 days ago
Why the Smallest Details Mean the Most in Marketing
-
Make Money5 days ago
The Top Employers and Opportunities for Part-Time Remote Jobs