China's Tencent Music beats expectations for quarterly revenue

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Aug 16 - China's Tencent Music Entertainment Group beat expectations for quarterly revenue Monday as its advertising business rebounded and more people subscribed to its music streaming platform.

Tencent Music, China's answer to Spotify, has tried to attract more paying customers in recent months by expanding its library through licensing agreements with Universal Music Group and Sony Music.

In the second quarter, total revenue of the Tencent Holdings Ltd-controlled company rose by 15.5% to 8.01 billion yuan. Analysts expected a figure of 8.13 billion yuan, according to Refinitiv IBES data.

The result come amid an intensifying regulatory crackdown on China's Internet giants.

Tencent Music reiterated in a statement that it accepted a decision by the regulator in July on exclusive music licensing arrangements, expected to have some impact on its operations.

Profit attributable to equity holders of the company fell to 727 million yuan, from 939 million yuan a year earlier.