Tencent Music to raise funding at $10 Bn valuation before IPO launch

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Based on the provided information, here’s a summary of the key elements related to Tencent Music Entertainment Group:

Startup Information

  • Startup Name: Tencent Music Entertainment Group
  • Valuation: $10 billion
  • Business Model: Subscription, advertisement, and sub-licensing of content

Investors

  • Primary Investor: Tencent Holdings (owns approximately 62.45%)
  • Strategic Partners: Potential new investors include record labels (specific names not mentioned).

Founders

  • Founding Entities: Formed through a merger between Tencent and China Music Corporation in July 2016 (no specific individual founders mentioned).

Fundraise Series

  • Current Round: Seeking new funding before IPO; specifics on round type (Series A, B, etc.) are not provided.

Fundraise Date

  • Reported Date: New funding announcement as of October 2023.

Additional Competitive Landscape

  • Competitors:
    • Alibaba Group Holding Ltd.
    • NetEase Inc.

Key Partnerships

  • Record Labels: Deals with Universal Music Group, Warner Music Group, Sony Music, Huayi Brothers Media Corp., and YG Entertainment.

Music Apps Owned

  • Apps: QQ Music, Kugou, Kuwo (combined 600 million monthly active users).

This summary reflects the details provided in the snippet and emphasizes important aspects surrounding Tencent Music’s operations and market position.

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2017-09-01 05:42:02

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