Tencent, Situated in Shenzhen-China. As a rapidly growing Chinese multinational conglomerate holding company, Tencent runs various internet-related services such as providing entertainment and Artificial intelligence. Tencent Music owns 9.1% of Spotify. A joint-venture between Tencent and Spotify owns several application which is; QQMusic, KuQuo, Kuwo, WeSting, and Ultimate Music. Numbers reach anywhere near 800 million active users and 120 million actively paying subscribers.
While China possesses almost a fifth of the World’s Population, It has been reckoned to be accounted for less than 3% of the $20bn revenue earned by the Record companies last year. Any-who, It’s an ever-growing industry thanks to the rise of the streaming services owned by Tencent itself. The U.S record label says that this collaboration with the Chinese tech-giant will make its artists impossible to be ignored.
In the Agreement between Warner Music and Tencent, It has been highlighted that all the Music produced by Warner’s artists will be kept on its proponent Online Music Manifesto. The United States Music Group seems to be raising their investments within the Asian countries as they look into inheriting the new streaming customers with smartphones.
Universal Music Group, A Renowned American-Global music industry also signed a deal with the South Korean Band K-Pop in order to set their steps within South Korea. They’ve also signed a deal with Big Hit Entertainment. A South Korean Entertainment company established in 2005. In-will to scouting for new faces and creating a new K-Pop boy band.
Even though the US record labels are at their best to set-steps into the Chinese and the Asian musical industries, Tencent holdings have been investing billions of dollars into the United States musical industries holding 20% of shares in Universal Music, 9% shares in Spotify, and a 2% share in Warner Music.
