Tencent Holdings is China’s largest company – with an imperious market cap valuation of more than $250bn.
It
also happens to be the world’s third-biggest music subscription
business – one which poses a serious threat to the global ambitions of Spotify and Apple Music.
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According to the IFPI, China generated $169.7m for recorded music rights-holders in 2015, up 63.8% on 2014, but per capita (person) spend on recorded music was just $0.10.
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Tencent’s streaming services offer three paid-for tiers, priced at 8, 12 and 15 yuan ($1.16/$1.74/$2.18) a month.
Of
its 15m subscriber base – 10m of which are on QQ Music – Ng says 70% of
users pay the lowest tier, with 20-25% paying the highest price.
To push them into committing, premium subscribers are offered extras like concert tickets and games credits.
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Tencent, which carries a $255bn valuation on the Hong Kong Stock Exchange, also operates chat app WeChat,
social networking site Qzone, online game portal QQ Game Platform, news
websites QQ.com and Tencent News, and offers video content via Tencent
Video.
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