Tencent Just Became The Top Dog In China’s Online Music Market

Tencent has upped their stake in China’s leading music streaming company, China Music Corp., giving them the controlling stake in a company worth approximately $2.7 billion USD.

China Music Corp. (CMC) oversees two of the country’s most popular streaming services, Kugou and Kuwo, which merged resources with Tencent’s QQ music following the internet giant’s initial investment.

According to sources who spoke to the Wall Street Journal, Tencent’s stake has risen to 60 percent from 16 percent. CMC will operate as a subsidiary of QQ Music, and the combined business will be valued at approximately $6 billion USD. Chinese media reports suggest the transaction was a cash purchase.

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom