You likely all know, and many of you probably use Spotify but the Swedish music streaming company will soon have a new competitor.
Unless you have been to China it is unlikely that you will have heard of the massive multimedia tech firm, Tencent. Offering you everything from the world’s largest mobile games company, to the most multipurpose chat app you could ask for – seriously, have a fine needing paid? Easy! Looking to apply for a visa? Done!
Not only that, but their film production company Tencent Pictures has recently been buying shares in Hollywood, and had a part in producing the Kong: Skull Island, and Warcraft.
None of these however would be a problem for Spotify, but next month their music branch Tencent Music is slated for a US IPO which will potentially see them burst into the western market – and it would be no great surprise if they did challenge the existing western music platforms.
Tencent Music not only provides a streaming platform for recorded music, but live steaming of shows, and even a karaoke streaming service where viewers can tip the acts they enjoy.
It is not all doom and gloom for Spotify if they do take off, as they have a cross shareholding deal providing Spotify with a 9% stake in the emerging company. So keep your eyes peeled for the name in the upcoming months.
