SHANGHAI: China’s Tencent Music Entertainment Group said on Monday its quarterly revenue leaped 18%, beating Wall Street estimates, as it put more music for streaming behind its paywall and grew its paid subscriber base by more than half.
Asked whether TME had a plan to deal with a recommendation from President Donald Trump’s administration over auditing US-listed Chinese firms, Chief Strategy Officer Tony Yip told analysts in a briefing that it was “premature” to speculate over a potential delisting. For the quarter ended June 30, TME said paid users of its online music service rose 52% to 47.1 million, the fastest quarter on record according to TME. Net income attributable to shareholders rose 1.3% to 939 million yuan from 927 million yuan a year earlier.
On Monday, it also extended its multi-year licensing agreement with music company Universal Music Group , home to Taylor Swift and The Beatles, while also announcing a new joint venture music label.
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