On October 1st, both Warner Music and Sony Entertainment went through a $200 million transaction to acquire 68 million total shares in Tencent Music Entertainment.
Tencent Music Entertainment (TME) is a music tech company that began its service in July of 2016. Their main purpose involves developing streaming platforms within the Chinese market, but the company is additionally involved in concert ticketing, downloadable content, and other music related services. Their performance within the past year has been more than impressive, doubling their total revenue since 2017.
This recent Monday TME entered into a stock agreement with Warner and Sony, giving them exactly 68,131,015 shares in return for $200 million. The foreign company has also filed for an IPO in NASDAQ and the New York Stock Exchange in hopes to raise $2 billion.
This new filing for an IPO, as well as the stock transaction between major music groups and TME reveals how fast this China-based company is growing. Tencent’s popularity is reaching a level that anyone distributing music should be following. Make sure to enable distribution to Tencent’s platform through Repost Network’s dashboard. Click here to be directed to the Repost login page, then sign in and make your way to the distribution tab. Make sure that Tencent button under all of your releases has that green check beside it!