Tencent Music to swap minority stakes with Spotify
Date
12/10/2017 10:31:39 PM
(MENAFN- Asia Times) Tencent music Entertainment Group (TME), the music arm of Tencent, announced a swap of minority shares with Spotify, the largest music streaming platform in the world, reported.
TME, which owns three domestic music platforms, including QQ Music, KuGou Music and KuWo Music, is the number one digital music group in China.
The company will buy shares from Spotify's existing
shareholders in cash, although the size of the stake and value of the
investment were not disclosed.
Spotify's value could reach US$20 billion by the time of its expected IPO next year.
The platform has around 70 million subscribers and 100 million non-pay users, according to Technology Predictions published by GP Bullhound.
Meanwhile, TME said it is planning an IPO next year with a value of around US$10 billion. It has 600 million active monthly users, including more than 15 million subscribers.
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