We’re eagerly awaiting more public details on Tencent Music’s IPO in the US, which will give the industry a deeper insight into the figures and trends around the Chinese company’s music-streaming services. Its filing hasn’t been published yet, but it seems there are some late shifts in the plans for going public.
Reuters reported this morning that Tencent Music has halved the amount it’s seeking to raise in the IPO from $4bn to $2bn. The report says that it’s unclear whether this means Tencent Music has also lowered its target valuation of $25bn in the IPO, which it is thought to have filed confidentially for earlier this month.
As we’ve reported before, Tencent claims 700 million monthly active users across its three music-streaming services in China, accounting for as much as 78% of the market there by some estimates. The company’s famous share-swap with Spotify means the latter service has plenty of skin in the game as Tencent Music goes public too.