Apple Music debuted in 2015, yet most smartphones bought in China use the Android operating system, and Spotify hasn’t announced plans to expand there. “Tencent Music has a dominant status in China,” said Li Yujie, an analyst with RHB Research Institute Sdn in Hong Kong. It could be one of the most-anticipated IPOs next year.”The service offers more than 17 million songs to 700 million monthly active users, said Andy Ng, vice president for Tencent Music. Tencent and its music division will acquire a minority stake in Spotify from current investors, while Spotify will get a piece of Tencent Music. “Almost everyone was infringing music content,” Ng said.

Source: The Star December 14, 2017 06:00 UTC