Tencent Music covers more than half of the overall online music streaming market share in China. The music firm operates QQ Music, Kugou app, Kuwo app and a music copyright unit which holds around half of the copy-righted music libraries in China. And they are finalizing talks with investment banks to pursue an initial public offering that would value the firm at $10 billion.
Tencent Music Entertainment Group is a subsidiary of Chinese technology investment giant Tencent Holdings Ltd. Last year, Tencent bought a majority stake in China Music Corp. powering the streaming giant.
Here are a few articles to digest. If this progresses, it will make headlines soon and will significantly affect the valuation of Spotify.