China's Tencent Music Entertainment Group said it had started charging for ...
BEIJING - China’s Tencent Music Entertainment Group said it had started charging for more of its content in the first quarter as the popularity of its pay-for-streaming services helped drive up profit to above expectations.
Shares of the company, however, fell 3.6 percent in after-hours trading, in tandem with a sell-off in the broader market triggered by an escalation in the U.S-China trade dispute. Tencent Music expects its decision to shift more music behind a paywall, including music from popular Taiwanese singer Jay Chou, to bring in more revenue generated.
In the first quarter, the company earned 0.72 yuan per American depositary share, excluding items, beating analysts’ average estimate of 0.69 yuan, IBES data from Refinitiv shows.
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