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Tencent Music To File $30B U.S. IPO Friday [REPORT]

Tencent-music-image-988x416Digital music and streaming conglomerate Tencent Music Entertainment (TME) is set to file an SEC application for a $30 billion IPO in the U.S. this week, according to a report. 

TME, which is majority-owned by Chinese corporation Tencent, owns Chinese digital music services QQ Music, Kuwo and KuGou.  Sources tell China-based news group Sina that TME will file the application with the Securities and Exchange Commission on Friday.

To put $30 billion into perspective, Spotify currently has a market cap of $29.6 billion.

TME posted revenues of nearly $753 million in 2016 with a net profit of nearly $91 million, according to Sina. In 2017, those numbers jumped to a net profit of $283 million and revenues are expected to exceed $2.6 billion this year, Sina reported.

In December, Tencent took a 9.1%t stake in Spotify with a quarter of that owned directly by TME.

-CelebrityAccess

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