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Tencent Music’s revenue misses expectations despite gains
Tencent Music Entertainment reported an increase in revenue for the quarter ending September, marking an end to four quarters of decline.
The company attributed the 6.8% revenue rise, amounting to 7.02 billion yuan (US$970.23 million), to strong performance in its online music services.
However, the revenue fell short of analysts’ expectations of 7.04 billion yuan (US$985.6 million), according to LSEG.
The company’s online music unit saw a 15.5% growth in paying users, totaling 119 million.
Recent Tencent Music developments
| Timeline |
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16-Aug-2021 🎶 Tencent Music may delay plans for $5b Hong Kong listing
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15-Apr-2021 🎶 Tencent Music appoints new chairman and CEO
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01-Feb-2021 🎵 Tencent Music acquires an additional 10% stake in Universal Music: report
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15-Jan-2021 🎶 Tencent Music’s business model could offer clues on Spotify’s ambitions
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13-Jan-2021 📈 US-listed Tencent Music, Vipshop, Joyy plan secondary listings in Hong Kong
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