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Tencent Music beats revenue estimates on subscription development By Reuters 

© Reuters. FILE PHOTO: The brand of China’s Tencent Music Leisure Group is seen subsequent to an earphone on this illustration image taken March 22, 2021. REUTERS/Florence Lo/Illustration

(Reuters) -China’s Tencent Music Leisure Group (NYSE:) on Monday beat quarterly revenue estimates, pushed by robust development in subscription income and promoting gross sales from its music streaming platform.

The corporate has been increasing its music library by means of new partnerships and multi-year licensing offers. That, coupled with efforts to diversify its content material base by means of long-form exhibits and reside speak exhibits have helped lure extra paying customers to its music platform in addition to advertisers.

Tencent Music and Sony (NYSE:) Music Leisure stated on Monday they’d signed a multi-year extension of their digital distribution settlement.

Whole income of the corporate, managed by Chinese language tech large Tencent Holdings (OTC:) Ltd, rose to 7.82 billion yuan ($1.21 billion) within the first quarter from a yr earlier. Analysts had been anticipating income of seven.73 billion yuan, in keeping with IBES information from Refinitiv.

Revenue attributable to fairness holders of the corporate rose to 926 million yuan ($143.82 million), from 887 million yuan a yr earlier.

Excluding gadgets, the corporate earned 69 yuan per American Depository Share (ADS), above estimates of 55 yuan per ADS.

U.S.-listed shares of Tencent Music had been down 1% in buying and selling after the bell.

($1 = 6.4388 renminbi)

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