The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021.
REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - China's Tencent Music Entertainment (1698.HK) beat estimates for third-quarter revenue on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform.
Tencent Music, which includes platforms such as QQ Music, Kugou Music, Kuwo Music and WeSing, has won listeners over by bundling everything from karaoke platforms to live concert streaming services.
Total revenue of the Tencent Holdings Ltd-controlled (0700.HK) company, however, fell to 6.57 billion yuan ($900.9 million) in the third quarter.
Net profit attributable to equity holders of the company rose to 1.71 billion yuan, from 1.06 billion yuan a year earlier.
Persons:
Florence Lo, Harshita Mary Varghese, Akash Sriram, Pooja Desai
Organizations:
Entertainment, REUTERS, HK, Kugou, Tencent Holdings, Thomson
Locations:
Bengaluru