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# Tencent Music To File $30B U.S. IPO Friday [REPORT]
- URL: https://www.hypebot.com/tecnet-music-to-file-30b-us-ipo-friday-report/
- Published: 2018-07-05T09:31:00.000Z
- Updated: 2018-07-05T09:31:00.000Z
- Description: Digital 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.
- Author: Bruce Houghton
- Tags: Music Business, Music Tech, Startups & Funding, Streaming, China, IPO, Music Streaming, stock, Tencent, #wp, #wp-post, #Import 2026-01-21 10:00

[![Tencent-music-image-988x416](http://hypebot.typepad.com/.a/6a00d83451b36c69e2022ad39e9d1b200b-200wi "Tencent-music-image-988x416")](http://hypebot.typepad.com/.a/6a00d83451b36c69e2022ad39e9d1b200b-popup?ref=hypebot.com)Digital 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](https://tech.sina.cn/i/gn/2018-07-03/detail-ihevauxi3343341.d.html?ref=hypebot.com) 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](https://celebrityaccess.com/?ref=hypebot.com)