Move over Spotify because Tencent Music is HERE
Sanebull on Tencent is comin’… to the United States. That’s right – Tencent Music plans to go public in what is shaping up to be one of largest recent US IPOs by a Chinese company – ever. The company has set a target price of $1 billion, which values the company between $25 and $30 billion. The $1 billion IPO would be the third largest in the United States for Chinese companies.
Tencent Music is the… Spotify of China because China seems to have their version of just about everything. In fact, Spotify owns 9% of the company. Tencent Music also has 800 million monthly active users. The company posted a profit of $263 million and revenue of $1.3 billion in the first half of 2018.
And they have lofty goals… because the company expects the number of people paying for music to quadruple between 2017 and 2023. Tencent Music will be listed on the Nasdaq or the New York Stock Exchange, but it hasn’t decided. Sheesh. What happened to good old days of pirated music?
