Tencent Music

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Tencent Music Entertainment Group
Formerly
China Music Corporation
Public
Traded asNYSETME
PredecessorChina Music Corporation
Tencent's QQ Music division
FoundedJuly 2016; 2 years ago (2016-07)
HeadquartersShenzhen, Guangdong
ProductsQQ Music, Kugou, Kuwo
OwnerTencent
Number of employees
2,400[1] (2017)
Websitetencentmusic.com/en-us

Tencent Music Entertainment Group is a company that develops music streaming services for the Chinese market. Their apps, including QQ Music, Kugou, and Kuwo, have more than 700 million active users and 120 million paying subscribers.[2][3][4] As of July 2016, Tencent Music's three services held an estimated 56% market share of music streaming services in China.[5]

History[edit]

Tencent Music was created in July 2016, as a result of Tencent's purchase of China Music Corporation to strengthen its music offerings. [6] On July 4, 2018, Sony/ATV Music Publishing acquired an equity stake in Tencent Music.[7][8] In October 2018, the firm filed for IPOs of around $2 Billion[9] in USA.[10]

In December 2018 the company announced an IPO with the total value of shares around $1.23 billion, which includes 82 million ADS and 164 million regular shares priced around $13 - $15 for each.[11]

References[edit]

  1. ^ "Tencent Music's Andy Ng talks China and expansion". Musically. 6 June 2018. Retrieved 8 July 2018.
  2. ^ "Tencent Music drowns out Spotify and Apple". Bloomberg News.
  3. ^ "Revealed: Billboard's 2017 Digital Power Players, Guiding the Future in Music and Tech". Billboard.
  4. ^ Lee, Pearl (27 June 2017). "Why China's music streaming is leading the world". Tech in Asia.
  5. ^ Soo, Zen (15 July 2016). "Tencent to merge QQ Music service with China Music Corp to create streaming giant". South China Morning Post. Retrieved 8 August 2018.
  6. ^ "Tencent spikes on music arm move". The Standard.
  7. ^ Sony/ATV Share Tencent IPO Profits with Songwriters oneedm.com, Retrieved on 11 August 2018
  8. ^ Sony/ATV owns a stake in Tencent Music Entertainment musicbusinessworldwide.com, Retrieved on 11 August 2018
  9. ^ Hughes, Jennifer. "Crunch time for Tencent Music's 2018 $2 billion IPO hopes". U.S. Retrieved 2018-11-21.
  10. ^ Farrell, Maureen; Steele, Anne (2018-10-02). "Tencent Music Files for U.S. IPO". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-10-03.
  11. ^ "Tencent Music moving ahead with its $1.2B U.S. stock market debut". TechCrunch. Retrieved 2018-12-04.