Global music streaming giant Spotify and China’s Tencent Music Entertainment will buy minority stakes in each other’s businesses. The equity procedure is believed to result in Tencent Music Entertainment Group and Spotify both acquiring around 10% in each other’s companies. The rumours of the partnership which were doing the rounds for quite some time have been put to rest today when both the companies came out with official statements acknowledging the stock swap.
Spotify is the largest music streaming service in the world. It has been valued at over $15bn in recent private trades, while Tencent Music Entertainment which operates most popular social platforms in China is believed to be valued at around $10bn.
- 13 February 20192019.02.13Universal Music Group acquires music distribution company Ingrooves
- 11 February 20192019.02.11Women and People of Colour dominate the 61st annual Grammy Awards
- 07 February 20192019.02.07BMG and SESAC Digital Licensing join forces in India
- 07 February 20192019.02.07HMV UK sold to Sunrise Records, 27 British stores set to close