Tencent Music

Tencent Music
Predecessor China Music Corporation
Tencent's QQ Music division
Founded July 2016 (2016-07)
Headquarters Shenzhen, Guangdong
Products QQ Music, Kugou, Kuwo
Owner Tencent
Number of employees
 2,400[1] (2017)

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

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 in USA.[9]

References

  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. ↑ Farrell, Maureen; Steele, Anne (2018-10-02). "Tencent Music Files for U.S. IPO". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-10-03.
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