On August 10, China's Tencent Music
Entertainment Group beat Wall Street estimates for quarterly revenue on Monday, as the music streaming service added more paying users during the epidemic.
According to the financial report, the comapny's revenue was CNY 6.93 billion, a year-on-year increase of 17.5%,above Bloomberg's estimates of CNY 6.87 billion; GAAP net profit was CNY 939 million, above Bloomberg’s estimates of CNY 908 million.
At the same time, Tencent Music announced its latest plan: renewing multi-year copyrights with Universal Music Group (UMG). As part of the new cooperation, the company will jointly establish a new music label with UMG. Together explore and cultivate new musicians.