Tag: tencent music entertainment

What are the Largest Music Streaming Services in Indonesia with Market Share Numbers

According to Statista, the largest music streaming services in Indonesia with market share numbers as of 2023 are:

  1. Joox (50.73%)
  2. Spotify (32.22%)
  3. Apple Music (17.05%)

Joox is a music streaming service developed by Tencent Music Entertainment. It was launched in 2015 and is the most popular music streaming service in Indonesia, with over 50 million active users.

The growth of the music streaming market in Indonesia is being driven by a number of factors, including:

  • The increasing penetration of smartphones and the internet in Indonesia.
  • The growing popularity of music streaming services among Indonesian consumers.
  • The increasing availability of affordable and high-quality music streaming plans.

Tencent Music Entertainment Set to List on Hong Kong Stock Exchange in Coming Days

It has been reported that Tencent Music Entertainment will be performing a secondary listing in Hong Kong in the coming days.

China’s TME, home to three of the country’s leading music streaming services; QQ Music, Kugou and Kuwo.

The secondary listing plan was announced by TME Executive Chairman Cussion Pang alongside the firm’s Q4 2021 and FY 2021 results.

This will be a very big listing for the Hong Kong Stock Exchange.

“We are pursuing a secondary listing on the Main Board of the Hong Kong Stock Exchange through a listing by way of introduction (which is a direct listing without any offering of new shares), subject to regulatory approvals,” said Pang.

It will be interesting to see in the coming year if TME also decides to keep their NYSE listing or whether they decide to pull out of the US market.