Tencent Music US IPO Plans
- Tencent Music, the dominant force in China's music streaming market, has announced plans for a U.S.
- The potential IPO underscores the rapid growth of the music streaming market and Tencent Music's leading position.
- Tencent Music's success reflects the increasing number of users willing to pay for music in China.The company reported a profit of $263 million for the frist half of...
Tencent Music is making a major move, filing for a U.S. IPO with the goal of raising $1 billion, which could value the company at up to $30 billion. This Tencent Music US IPO plans news highlights the firm’s dominant position in the booming music streaming market, boasting over 800 million monthly active users. The company’s strong financial performance,with a profit of $263 million in the first half of 2018,reflects the growing trend of paid music subscribers in china. News Directory 3 follows this exciting development closely. The upcoming IPO of Tencent Music, anticipated to trade under the symbol TME, is poised to be a significant event. Discover what impact this has on the future of music streaming.
tencent Music eyes US IPO Amid Music Streaming Growth
Updated Oct. 2, 2018
Tencent Music, the dominant force in China’s music streaming market, has announced plans for a U.S. IPO. The company’s filing with the Securities and Exchange Commission (SEC) indicates a target of $1 billion, but some estimates value the company between $25 billion and $30 billion.
The potential IPO underscores the rapid growth of the music streaming market and Tencent Music’s leading position. Through its popular apps, the company boasts more than 800 million monthly active users. Spotify holds a 9% stake in Tencent Music.
Tencent Music’s success reflects the increasing number of users willing to pay for music in China.The company reported a profit of $263 million for the frist half of 2018,with revenue reaching $1.3 billion.
“We are pioneering the way people enjoy online music and music-centric social entertainment services,” the company stated in its SEC filing.
The company anticipates a significant increase in paid music subscribers in China between 2017 and 2023. The stock is expected to trade under the symbol TME, though the listing exchange, either Nasdaq or the New York Stock Exchange, remains undecided.
What’s next
The Tencent Music IPO is poised to be one of the largest by a Chinese company in the U.S. and will further solidify its position in the competitive music streaming market.