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Tencent Music posts 24% rise in quarterly revenue

May 17 (Reuters) - China’s Tencent Music Entertainment Group posted a 24% rise in quarterly revenue on Monday, driven by higher advertising sales from its music streaming platform.

Total revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd, rose to 7.82 billion yuan ($1.21 billion) in the first quarter from a year earlier. Analysts were expecting revenue of 7.73 billion yuan, according to IBES data from Refinitiv. ($1 = 6.4388 Chinese yuan renminbi) (Reporting by Tiyashi Datta and Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)

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