Updated March 19th, 2024 at 17:03 IST

Tencent Music beats Q4 revenue driven by strong subscription demand

Tencent Music Entertainment Group (TME) is a Chinese music company that operates several music streaming platforms, including QQ Music, and Kugou Music.

Reported by: Business Desk
Tencent | Image:Tencent
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Tencent Music Q4 results: Tencent Music Entertainment Group surpassed fourth-quarter revenue expectations on Tuesday, buoyed by a surge in paid subscriptions on its music streaming platform akin to Spotify.

For the quarter, the audio entertainment platform recorded revenue of 6.89 billion yuan ($957.02 million), outperforming analyst forecasts of 6.71 billion yuan, as per LSEG data.

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Tencent Music Entertainment Group (TME) is a Chinese music company that operates several music streaming platforms, including QQ Music, Kugou Music, and Kuwo Music. It is a subsidiary of Tencent Holdings Limited, one of the largest technology conglomerates in China. 

Tencent Music offers a wide range of music content to users, including licensed tracks, user-generated content, and live-streaming performances. The company generates revenue through subscriptions, advertising, and other music-related services.

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In premarket trading, US-listed shares of Tencent Music climbed 2 per cent.

The company's online music service revenue surged 41.1 per cent year-on-year to 5.02 billion yuan, propelled by robust growth in paid subscriptions and advertising services.

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Tencent Music's earnings per American depository share (ADS) reached 0.83 yuan, up from 0.72 yuan in the corresponding period last year.

(With Reuters inputs)

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Published March 19th, 2024 at 17:03 IST