News about Tencent Music

Tencent Music Entertainment Group will raise $1.07 billion on the New York Stock Exchange (NYSE).Click Here For More.

Tencent Music will start trading under TME on the New York Stock Exchange on Wednesday. Bank of America, Deutsche Bank, Goldman Sachs, JPMorgan Chase and Morgan Stanley were the leaders of the deal.

Tencent Music, China’s largest online music entertainment platform,Click Here For More. is selling a total of 82 million ADS shares, according to a prospectus released on December 3. Spokesman of company said “The funds raised will be used primarily to expand and enhance Tencent Music’s content offerings, service development, selling and marketing, potential strategic investments, as well as other general purposes.”

In the first three quarters of this year, the Tencent group’s operating income was 13.59 billion yuan and its net profit was 2.11 billion yuan, compared with 1.098 billion yuan and 1.32 billion yuan last year. By the end of September, Tencent Music reported 24.9 million users of online music services, accounting for 3.8% of paying users. The company also reported 9.9 million users of social entertainment services, of which 4.4% paid.Click Here For More.

Tencent Music said “Tencent Music owns streaming apps QQ Music, Kugou, Kuwo and karaoke app WeSing, with over 800 million total monthly active users in the third quarter of 2018. The average time spent on these platforms per day, per user reached over 70 minutes.”