Tencent Music Entertainment Group () is a company that develops

music streaming service A music streaming service is a type of streaming media service that focuses primarily on music, and sometimes other forms of digital audio content such as podcasts. These services are usually subscription-based services allowing users to stream d ...

s for the Chinese market. Tencent Music's apps include

QQ Music QQ Music () is one of the three Chinese freemium music streaming services owned by Tencent Music, a joint venture between Tencent and Spotify. As of 2018, the service is set to reach over 700 million users with an estimated 120 million subscribe ...

, Kugou, Kuwo, and WeSing; which have more than 800 million active users and 120 million paying

subscribers The subscription business model is a business model A business model describes how an organization creates, delivers, and captures value,''Business Model Generation'', Alexander Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners f ...

. As of July 2016, Tencent Music's three services held an estimated 56% market share of music streaming services in China. In the first quarter of 2021, Tencent Music announced it had 60.9 million paying users, up 42.6% compared to the 42.7 million paying users in the first quarter of 2020. In addition, the total number of music streaming users was announced to be 615 million, a drop of 6.4% compared to the first quarter of 2020 (657 million).

History

Tencent Music was established in July 2016 with

Tencent Tencent Holdings Ltd. () is a Chinese multinational technology and entertainment conglomerate and holding company headquartered in Shenzhen. It is one of the highest grossing multimedia companies in the world based on revenue. It is also the w ...

's purchase of China Music Corporation to strengthen its music offerings. On July 4, 2018,

Sony/ATV Music Publishing Sony Music Publishing (formerly Sony/ATV Music Publishing) is the largest music publisher in the world, with over five million songs owned or administered as of end March 2021. US-based, it is part of the Sony Music Group, which is itself owned ...

acquired an equity stake in Tencent Music. In October 2018, the firm filed for IPOs of around $2 billion in the United States. 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. As of 2022, 8.62% of Tencent Music class A ordinary shares are owned by

Spotify Spotify (; ) is a proprietary Swedish audio streaming and media services provider founded on 23 April 2006 by Daniel Ek and Martin Lorentzon. It is one of the largest music streaming service providers, with over 456 million monthly active us ...

. On January 30, 2019, SM Entertainment, the largest entertainment agency of South Korea entered into strategic partnership agreement with China's Tencent Music that included music distribution and marketing in the Chinese market. In June 2020, the

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

banned QQ Music with 58 other Chinese origin apps citing data and privacy issues. The border tensions in 2020 between India and China might have also played a role in the ban.

References

External links

* {{Authority control Tencent Music Tencent divisions and subsidiaries Chinese companies established in 2016 2018 initial public offerings Companies listed on the New York Stock Exchange Internet censorship in India