⁍ Tencent Music Entertainment Group beat Wall Street estimates for quarterly revenue on Monday.

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⁍ A wider content library led to a surge in paid subscribers for the company’s music streaming service.

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⁍ The company has signed multiple partnerships with international and domestic music labels to expand its premium user base.

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– In the second quarter, China’s Tencent Music Entertainment Group logged 47.1 million paid users. In comparison, Spotify reported 138 million paid users in the quarter, per Reuters. The company, controlled by Chinese tech giant Tencent Holdings, said Monday its second-quarter revenue jumped 17.5% to 6.93 billion yuan, beating analysts’ estimates of 6.85 billion yuan. The company’s social entertainment services, which include online karaoke and live streaming, saw revenue rise 8.6% to 4.71 billion yuan. Revenue from Tencent Music’s social entertainment services, the largest unit that house karaoke platforms, rose 1.3% to 939 million yuan from 927 million yuan a year earlier. Net income attributable to shareholders rose 1.3% to 939 million yuan from 927 million yuan a year earlier. Revenue jumped 17.5% to 6.93 billion yuan, beating estimates of 6.85 billion yuan, according to IBES data from Refinitiv. The company has signed multiple partnerships with international and domestic music labels to expand its premium user base. On Monday, it also extended its multi-year licensing agreement with music company Universal Music Group, home to Taylor Swift and The Beatles, while also announcing a new joint venture music label. In March, a consortium including Tencent Music completed a 10% stake purchase in UMG. The deal allowed the China-based music streaming company’s users access to more US artistes, and UMG to tap into the Asian market, including top-selling ‘K-Pop’ Korean pop stars.