(Reuters) -China’s Tencent Music Entertainment Group posted a 15% fall in quarterly revenue on Monday, hit by easing demand for its music streaming platform amid stiff competition.
Chinese regulators stripped Tencent Music of its exclusive contracts with big music labels in 2021, spurring competition from rivals such as Cloud Music and short video sharing platform Douyin.
Total revenue of the Tencent Holdings Ltd-controlled company fell to 6.64 billion yuan ($979.03 million) in the first quarter from 7.82 billion yuan a year earlier.
Net income attributable to equity holders of the company fell 34.2% to 609 million yuan in the quarter ended March 31.
($1 = 6.7822 Chinese yuan renminbi)
(Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)
