Tencent Music beats quarterly revenue estimates

China’s Tencent Music Entertainment Group beat fourth-quarter revenue estimates on Tuesday, driven by growth in paid subscription on its Spotify-like music streaming platform.

The audio entertainment platform reported revenue of 6.89 billion yuan ($957.02 million) for the quarter. Analysts on average had expected revenue of 6.71 billion yuan, according to LSEG data.

US- listed shares of Tencent Music rose 2% premarket trading.

The company’s online music service revenue jumped 41.1% to 5.02 billion yuan year-on-year, thanks to steady growth in paid subscriptions and advertising services.

Tencent Music’s earnings per American depository share (ADS)stood at 0.83 yuan, compared to 0.72 yuan in the same period a year earlier.