On a scorching night in August, thousands of Chinese youngsters filled a grand stadium in Nanjing to celebrate the four-year anniversary of the Chinese boyband TFBoys. Those who couldn’t attend—118 million of them—spent a no less memorable night by watching the shows aired over the internet. Screams became a waterfall of real-time comments, called danmu, rolling across the … Continue reading How Tencent’s empire is making music pay