Billboard China, the leading music industry publication in the country, has announced a new partnership with Tencent Music Entertainment Group (TME), one of the largest music streaming and entertainment companies in the world. The partnership will see Billboard China and TME collaborate on a range of initiatives, including music charts, content, events, and more.
The partnership will give Billboard China access to TME’s massive library of music, as well as its vast user base of over 800 million monthly active users. This will allow Billboard China to create more comprehensive and accurate music charts, as well as offer exclusive content and events to its readers.
Billboard China will also have access to TME’s vast data, which will help the publication better understand the Chinese music industry and the tastes of Chinese music fans. This data will be used to create more insightful editorial content, as well as help Billboard China better serve the Chinese music industry.
The partnership is a major step forward for Billboard China, which has been working to expand its presence in the Chinese music industry. This new collaboration with TME will help Billboard China reach a larger audience, as well as offer more comprehensive coverage of the Chinese music industry.
Tencent Music
- tencent 57% and 61.6% of the shareholders’ voting rights
Pacific Alliance Group 9.1 and 11% of Shareholders with Voting Rights
Spotify 8.6%
CICFH entities 6.1% and 7.4% of the shareholders’ voting rights
Zhenyu Xie 4% and 4.9% of the Shareholders’ Voting Rights
Dhanin Chearavanont 4% and 4.7% of the Shareholders’ Voting Rights
Tencent Music Entertainment Group (Chinese: 腾讯音乐娱乐集团) is a company that develops music streaming services for the Chinese market. Tencent Music apps include QQ music, kugou, kuwo, and WeSing; which have more than 800 million active users and 120 million paying subscribers. As of July 2016, Tencent Music’s three services hold an estimated 56% market share of music streaming services in China.
In the first quarter of 2021, Tencent Music announced that it had 60.9 million paying users, an increase of 42.6% compared to the 42.7 million paying users in the first quarter of 2020. In addition, the total number of streaming music users was announced at 615 million. , a decrease of 6.4% compared to the first quarter of 2020 (657 million).
History
Tencent Music was established in July 2016 with tencentpurchase of China Music Corporation to strengthen its music offerings. On July 4, 2018, Sony/ATV Music Publisher acquired an equity stake in Tencent Music. In October 2018, the company filed for approximately US$2 billion in IPOs in the United States.
In December 2018, the company announced an IPO with a total equity value of around US$1.23 billion, which includes 82 million ADSs and 164 million shares of common stock priced around US$13 to US$15.
As of 2022, 8.62% of Tencent Music’s class A common shares are owned by Spotify.
On January 30, 2019, SM Entertainment, the largest entertainment agency in South Korea, entered into a strategic partnership agreement with Tencent Music of China, which included music distribution and marketing in the Chinese market.
In June 2020, the government of india banned QQ Music along with 58 other apps of Chinese origin citing data and privacy issues. The border tensions in 2020 between India and China may also have played a role in the ban.
References
External Links
- official website (In English)
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