China's Tencent Music Looks To File IPO

TenCent Music

Following in the footsteps of SPOTIFY, CHINA's leading streaming service, TENCENT MUSIC, is ready to file its own IPO, which will be underwritten by GOLDMAN SACHS and MORGAN STANLEY, and will be valued between $29 and $31 billion, according to CHINESE tech site TECHNODE and a report in DIGITAL MUSIC NEWS. 

Reports of a TENCENT IPO first surfaced back in APRIL. 

TENCENT reaped its own rewards from the SPOTIFY IPO, with the two streaming services involved in a share swap last year. TENCENT is the parent company for three music streaming services in ASIA: QQ MUSIC, KUGOU and KUWO, which together have generated revenue this year of 17 billion CHINESE Yuan ($2.56 billion) from more than 700 million active users, 120 million of which are paid subscribers.

TENCENT MUSIC collectively boasts a catalog of 17 million songs.

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