Tencent Music Entertainment GroupThe karaoke operator (https://www.tencent.com/en-us/company.html) and streaming applications similar to Spotify plans to sell about 3 percent of its shares to strategic partners, including record labels, one of the people said, asking not to be identified as the details are private. Tencent Holdings Ltd., owner of the WeChat courier service, had about 62.45 percent of the music group late last year.
$ 10 billion valuationBy forging a bond of equity with record companies, Tencent Music would be securing its right to maintain vital streaming rights in China's burgeoning music market.
Tencent pulled out its music division after merging with China Music Corp. to gain a larger share of an internal streaming market forecast to reach 4.37 trillion yuan ($ 664 million) in subscription revenue by 2018.
The company, which competes with Alibaba Group Holding Ltd. and NetEase Inc., is collecting content to cater for users who turn to the web for entertainment and want services tailored to their personal preferences. Tencent Music has agreements to distribute songs by artists such as Beyonce and Taylor Swift after signing with some of the biggest record companies in the world, including Universal Music Group, Warner Music Group and Sony Music.
Some of the other most influential record labels for the Chinese market include Huayi Brothers Media Corp. and YG Entertainment of Korea, both of which have distribution agreements with Tencent. Shares of Huayi Brothers rose 0.9 percent in Shenzhen, while Tencent Holdings fell 0.9 percent in Hong Kong. source : https://www.chinamoneynetwork.com/2017/05/02/tencent-music-group-plans-ipo-at-10-billion-valuation
the Chinese Spotify
Tencent MusicTencent Music declined to comment on an email statement. Tencent mainly distributes music through its QQ Music, Kugou and Kuwo applications, which have a combined 600 million monthly active users. The applications offer a free streaming service and a subscription mode. The company also operates a live streaming service and a karaoke app.
Tencent Music makes money through subscription, advertising and sub-licensing of its content to other companies like Netease.
source : https://www.bloomberg.com/news/articles/2017-09-01/tencent-music-is-said-to-seek-pre-ipo-funds-at-10-billion-value