Tencent Music revenue jumps 18%, beats estimates, as paid subscribers flock to expanded library

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China's Tencent Music Entertainment Group (TME) said on Monday its quarterly revenue leaped 18 per cent, beating Wall Street estimates, as it put ...

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BEIJING: China's Tencent Music Entertainment Group said on Monday its quarterly revenue leaped 18 per cent, beating Wall Street estimates, as it put more music for streaming behind its paywall and grew its paid subscriber base by more than half.

Controlled by Chinese tech giant Tencent Holdings, TME's capitalisation on the New York market is about US$26 billion. The company has signed multiple partnerships with international and domestic music labels to expand its premium user base.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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