China’s Tencent Music Entertainment Group (TME) reported its quarterly results on Tuesday and said that the company revenue is better than the estimates due to more paid subscriber to its platform.
The revenue jumped from 6.51 billion yuan ($910 million) from the last year third quarter to 7.58 billion yuan ($1.15 billion). There is a massive increase of 46% in paid subscriber and company has 51.7 million paid members by the end of the third quarter.
The company earned 0.80 yuan per American Depository Share, above estimates of 0.71 yuan per ADS after excluding items. According to IBES data from Refinitiv, analysts had expected revenue of 7.47 billion yuan.
The results timing is significant because of the pandemic when people are paying more subscriptions to spend time at home. The company is aiming to put about 20% of its content on the streaming site for the paid subscription.
According to the company’s Chief Strategy Officer Tony Yip, the retention rate for the paid subscribers is improving continuously and the company is using bundled discounts and promotions to capture long-term subscribers to keep them connected. Tony Yip said that the company has recently improved its user interface design and other enhancements in its social entertainment site WeSing.
The company is earning more revenue from social entertainment services such as karaoke platforms, where users can live stream concerts and shows, despite the music streaming unit has more members.
In recent months, the company also signed deals with the international and local labels like Kobalt Music Group and Merlin Network to add artists to its library.
Moreover, Arbor Realty Trust announced price for its public offering
Arbor Realty Trust, Inc has announced price for its public offering of 7,000,0000 shares and the company is expecting $94.5 million from the share sales before underwriting discounts and commissions and expenses. The company is also offering 1,050,000 more shares to underwriters.
Arbor Realty Trustis looking to invest money from the offering in its business and for general corporate purposes. A portion of the amount will be used to purchase an aggregate of 700,000 shares, or 805,000 shares if extra shares are sold too.
J.P. Morgan, JMP Securities and Raymond James are joint book-running managers for the offering.The company previously filed an effective automatic shelf registration statement with the Securities and Exchange Commission which made the offers formal.