(Reuters) – China’s Tencent Music Entertainment Group reported a 3% rise in quarterly revenue on Monday, as efforts to bolster content attracted more paying users to its Spotify-like music streaming platform.
Total revenue of the Tencent Holdings Ltd-controlled company rose to 7.805 billion yuan ($1.22 billion) in the third quarter. Analysts had expected revenue of 7.85 billion yuan, according to Refinitiv data.
Tencent Music’s social entertainment services business, which includes karaoke platforms where users can live stream concerts is its primary source of revenue. Users can also send virtual gifts to live streamers and karaoke singers.
A rebound in advertising has also bolstered its business.
Profit attributable to equity holders of the company fell to 740 million yuan, from 1.13 billion yuan a year earlier.
($1 = 6.3980 Chinese yuan renminbi)
(Reporting by Eva Mathews in Bengaluru; Editing by Sriraj Kalluvila)
