Tencent already owns three of the main music-streaming services in China. Now it has invested in a fourth: Douban FM.
However, the deal is being described (by TechNode) as a strategic investment that will see Tencent providing support in the form of ‘product design and copyright authorisation’ rather than cash.
The report notes that Douban FM was one of the first music-streaming services in China, launched in 2009, but that its popularity has declined considerably. “Its monthly active users halved to 4 million over the past eight years, compared to that of Tencent’s QQ Music (290 million).” The news follows Tencent Music’s IPO in the US last year.