UPDATE 1-China’s Tencent Music quarterly revenue rises 5.5%

China's Tencent Music Entertainment Group said on Tuesday second-quarter revenue rose 5.5% from a year ago, driven by growth in paying users on its Spotify-like music streaming platform and a recovery in the advertising market. After months of conservative spending companies are starting to see a rebound on signs of cooling inflation and improving consumer sentiment through the rest of the year. The company has also been ramping up its original content slate to attract more users and stave off competition from the likes of NetEase-owned Cloud Music and ByteDance's short-video sharing platform Douyin.