Tencent's purchase looks like an attempt to profit from both sides of the game—streaming and licensing
nice example of nominative determinism. On December 31st a consortium led by Tencent, a giant Chinese digital conglomerate, announced it was buying 10% of Universal Music Group, a subsidiary of Vivendi, a French company, for €3bn . The deal, first mooted in August, gives Tencent a stake in a firm whose catalogue spans artists fromTencent’s purchase values Universal at around €30bn. That is remarkable, for two reasons. The first is that Vivendi’s total market capitalisation is just €31.5bn.
The streaming market is highly concentrated. Spotify and Apple between them account for over half of it. But plenty of firms are nonetheless trying their luck, including Google, Amazon and Tencent itself, whose music-streaming subsidiary has around 35m paying users in China. The latest entrant is ByteDance, best-known for developing TikTok, a trendy social-media app; Resso, its streaming service, was released in India and Indonesia last month.
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