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Tencent Music beats quarterly revenue estimates

Reuters

May 13 (Reuters) - China's Tencent Music Entertainment Group beat first-quarter revenue estimates on Monday, thanks to steady growth in paid subscriptions and advertising services on its Spotify-like music streaming platform.

The audio entertainment platform reported revenue of 6.77 billion yuan ($935.88 million) in the first quarter. Analysts were expecting revenue of 6.63 billion yuan, according to LSEG data. ($1 = 7.2338 Chinese yuan renminbi) (Reporting by Priyanka.G in Bengaluru; Editing by Sonia Cheema)