© Reuters. FILE PHOTO: The logo of China’s Tencent Music Entertainment Group is seen next to a headset in this illustration photo taken March 22, 2021. REUTERS / Florence Lo / Illustration
(Reuters) – of China Tencent Music Entertainment Corporation (NYSE:) beat market estimates for quarterly revenue on Monday as the Spotify-like music streaming platform benefited from a spike in paying users.
The stay-at-home order imposed to stem the recent surge in China’s COVID-19 cases has shut down social events, prompting consumers to turn to the company’s karaoke app WeSing and the music streaming platform. Kuwo Music live music for entertainment.
The push for more original content to fend off competition from rivals Cloud Music and the short video sharing platform owned by Bytedance Douyin have also drawn users to Tencent Music’s platform.
According to Refinitiv IBES data, total revenue was 6.91 billion yuan ($1.02 billion) in the second quarter ended June 30, compared with the 6.62 billion yuan that manufacturers expected analysis.
Net income belonging to the company’s equity holders rose to 856 million yuan, from 827 million yuan a year earlier.
(1 dollar = 6.7715 yuan)