(Reuters) – China’s Tencent Music Entertainment Group beat Wall Street estimates for quarterly revenue on Monday, as the music streaming service attracted more paying users.
The company’s U.S.-listed shares were up about 1% in extended trading.
Company - Tech - Tencent - Holdings - Ltd
The company, controlled by Chinese tech giant Tencent Holdings Ltd, said paid users of its online music service jumped about 42% to 35.4 million in the third quarter.
Tencent Music, which has a user base of more than 900 million, has been shifting more of its content behind a paywall since earlier this year.
Music - Streaming - Services - Users - Tencent
Although its music streaming services have more users, Tencent Music’s biggest revenue drivers are its social entertainment services — Karaoke platform...
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