STREAMING PLATFORM
Tencent Music files for listing in New York
Tencent Music is China’s largest online music platform, boasting more than 800-million monthly users
Hong Kong -Tencent Music Entertainment, which owns China’s most popular music apps, has filed for a US initial public offering (IPO), seeking funds to develop content and new services, in what is expected to be one of the biggest US listings by a Chinese company this year.
The music arm of tech giant Tencent Holdings, which plans to list either on the Nasdaq or the NYSE, set a placeholder amount of $1bn for registration purposes. Sources said last month it was hoping to raise $2bn. With streaming apps QQ Music, Kugou, Kuwo and karaoke app WeSing, Tencent Music is China’s largest online music platform, boasting more than 800-million monthly users. It is often compared to Spotify, but the Chinese firm offers more in the way of socially interactive services that makes it profitable while its Swedish counterpart is not. Music-centric social entertainment services, including virtual gifts and premium membership, accounted for just more than 70% of the $1.65bn in revenue it made in ...
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