Ten Entertainment Group Ipo

Ten entertainment group ipo

Tencent Music Entertainment Group (TME) is a company that develops music streaming services for the Chinese market.

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This is a joint venture between Tencent and Spotify. 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[edit]

Tencent Music was created in July 2016, as a result of Tencent's purchase of China Music Corporation to strengthen its music offerings.

Ten entertainment group ipo

[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 of around $2 Billion[9] in the United States.[10]

In December 2018 the company announced an IPO with the total value of shares around $1.23 billion, which includes 82 million ADS and 164 million regular shares priced around $13 - $15 for each.[11]

46.6% of Tencent Music class A ordinary shares is owned by Spotify.[12]

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