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Tencent Music quarterly revenue rises more than 14% on user additions

March 22 (Reuters) - China’s Tencent Music Entertainment Group posted a 14.3% rise in quarterly revenue on Monday, as the music streaming platform benefited from adding more paying users and a rebound in ad sales.

Total revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd, rose to 8.34 billion yuan ($1.28 billion) in the fourth quarter ended Dec. 31, topping analysts’ average estimate of 8.33 billion yuan, according to IBES data from Refinitiv. ($1 = 6.5070 Chinese yuan renminbi) (Reporting by Tiyashi Datta and Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)

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