Image source: Tencent Music Entertainment
(Reuters) – China’s Tencent Music Entertainment Group beat Wall Street estimates for quarterly revenue on Monday, as the company’s music streaming service added more paying users during coronavirus-induced lockdowns.
The COVID-19 pandemic has forced people to stay indoors to combat the contagion, and made them more reliant on social media and entertainment apps to stay connected.
The company, controlled by Chinese tech giant Tencent Holdings Ltd, said paid users of its online music service surged 52% to 47.1 million in the second quarter ended June 30.
Monthly average revenue per paying user from the unit climbed 8.1% to 9.3 yuan.
Net income attributable to shareholders rose 1.3% to 939 million yuan ($134.89 million), from 927 million yuan a year earlier.
Revenue of the company jumped 17.5% to 6.93 billion yuan ($995.53 million), above estimates of 6.85 billion yuan, according to IBES data from Refinitiv.
Reporting by Munsif Vengattil in Bengaluru; Editing by Shinjini Ganguli.
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Source: Reuters
