Tencent Music Presses Play on U.S. IPO – Tencent Music Entertainment (“TME”) launched its hotly-anticipated U.S. IPO of up to $1.2 Billion. The targeted valuation is between $22-25 Billion. The music streaming giant has over 800 million monthly active users on streaming apps QQ Music, Kugou, Kuwo and WeSing. TME reported a 244% jump in profit in the first nine months of 2018 to $394 million from $114 million in 2017. China is currently the world’s 10th largest music market and is expected to be the fastest growing geographic region in the music industry over the next few years according to PwC. TuneGO established a relationship with TME in 2016 and is a proud content supplier to TME-owned streaming properties. TuneGO is building a foundational platform to serve the burgeoning Chinese music industry and has already established relationships with the largest players in China, including Tencent, NetEase, Alibaba and Baidu.
Apple Music Now Has 56 Million Users – Apple Music has been adding an average of 1 million new subscribers per month and now has 56 million total. Apple Music has benefited from an influx of users from Shazam, which Apple acquired for $400 million and the launch of Apple Music on Amazon’s Echo (“Alexa”) speaker. The great news for TuneGO is the consumer digital music market continues to expand globally as we predicted years ago! This is precisely why we focused on building a foundational platform that serves the world’s largest consumer digital music stores, such as Apple Music, Spotify, Tencent, etc… TuneGO is a proud content supplier to Apple Music, the #1 streaming app in the U.S.
Apple Looking for Head of Music in China – In 2016 TuneGO started establishing relationships with the largest consumer digital music platform and content players in China. This forward-thinking move is starting to reap great benefits. TuneGO is building a foundational digital music platform and has partnerships and relationships with leading content companies including Tencent, NetEase, Baidu, Alibaba, STAR China Media and A8, among others. China is predicted to be the fastest growing music economy in the upcoming years and the move to consumer digital platforms is experiencing explosive growth. Apple is focusing on China and is officially looking for a Head of Music in Greater China. In today’s fast-paced and highly competitive digital marketplace, TuneGO is establishing itself as a foundational platform that serves the entire digital music industry.
Today’s Awesome Quote! “TuneGO is on a mission to simplify the business of music for the benefit of the world!” – TuneGO CEO John Kohl