Published 17:03 IST, March 19th 2024
Tencent Music Entertainment Group (TME) is a Chinese music company that operates several music streaming platforms, including QQ Music, and Kugou Music.
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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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17:03 IST, March 19th 2024