Tencent Music Drowns Out Spotify and Apple in China
- Internet giant is said to plan music-business IPO next year
- Katy Perry, local artists exploit messaging, karaoke apps
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One of China’s most-anticipated initial public offerings next year may be music to the ears of Tencent Holdings Ltd. investors because of its potential to drown out any noise Spotify and Apple Music want to make in the biggest market.
Tencent Music, a streaming and downloading service, is expected to raise at least $1 billion and is valued at $10 billion, people familiar with the matter have said, with no decision yet on which exchange it would list on. Underpinned by three separate platforms, Tencent Music already has twice as many paying customers as Spotify Ltd.