News - 04/09/2017

Tencent Music hopes for $10bn valuation in IPO

Tencent Music hopes for $10bn valuation in IPO

Spotify isn’t the only music-streaming entity plotting its path towards public status. Indeed, Chinese tech giant Tencent has been mulling an IPO for its Tencent Music Entertainment Group.

"Bloomberg" reports that the company is targeting a $10bn valuation:

The operator of karaoke and Spotify-like streaming apps plans to sell about 3 percent of its shares to strategic partners, including record labels. By forging an equity link with record labels, Tencent Music would be securing its right to hold on to vital streaming rights in China’s increasingly heated music market.

Tencent already has exclusive deals with the three major labels, through which it sub-licenses their music to rival services in China.

As Tencent Music boss Andy Ng explained at Midem earlier this year, the company’s music services currently have 600 million monthly active users and 200 million daily active users.

In June around 15 million of those people were paying for a subscription, with Tencent aiming to grow that number to 25 million by 2019.

Source: Bloomberg – http://tinyurl.com/yb353dhr

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