Tencent Music’s shares rose 2.4% as it exceeded quarterly revenue estimates with growth in its paid subscriber base
The company has been able to establish a robust foundation of long-term paying customers as a result of its targeted promotions.
Tencent Music has expanded its user base by engaging in multi-channel promotions with e-commerce, video platforms, and telecom operators.
In the second quarter, its online music unit experienced a 27.7% increase in revenue, partially compensating for a 42.8% decline in revenue in its social entertainment segment.
Under the control of Tencent Holdings, the company experienced a decline in total revenue during the second quarter, reaching 7.16 billion yuan ($998.59 million). According to LSEG data, analysts anticipated revenue of 7.14 billion yuan.
($1 is equivalent to 7.1701 Chinese yuan renminbi)
