Tencent Music revenue rises 3% as content push brings in listeners

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Total revenue of the Tencent Holdings (OTC:TCEHY) Ltd-controlled company rose to 7.805 billion yuan ($1.22 billion) in the third quarter. Analysts had expected revenue of 7.85 billion yuan, according to Refinitiv data.

Tencent Music’s social entertainment services business, which includes karaoke platforms where users can live stream concerts is its primary source of revenue. Users can also send virtual gifts to live streamers and karaoke singers.

A rebound in advertising has also bolstered its business.

Profit attributable to equity holders of the company fell to 740 million yuan, from 1.13 billion yuan a year earlier.

($1 = 6.3980 Chinese yuan renminbi)