China’s Tencent Music posts 15% fall in quarterly revenue

2022.05.16 23:21

FILE PHOTO: The logo of China’s Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration

(Reuters) – China’s Tencent Music Entertainment Group (NYSE:TME) posted a 15% fall in quarterly revenue on Monday, hit by easing demand for its music streaming platform amid stiff competition.

Total revenue of the Tencent Holdings (OTC:TCEHY) Ltd-controlled company fell to 6.64 billion yuan ($979.03 million) in the first quarter, from 7.82 billion yuan, a year earlier.

($1 = 6.7822 Chinese yuan renminbi)

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