Merger of music business between CMC and QQ

By Ding Yining | July 15, 2016, Friday |

Online Edition

China Music Corporation and QQ Music under internet giant Tencent Holdings Ltd announced today a strategic merger of their digital music businesses.

The merger of the two market leaders will combine Tencent's QQ Music service with CMC to form a new company, where Tencent will become the majority shareholder.

Tencent declined to disclose the value of the deal, earlier media reports suggest new company would be valued at about $6 billion.

“The new company will be the flagship for Tencent’s digital music and related businesses,” Tencent President Martin Lau wrote in the statement.

China’s mobile music services had 449 million users in the first quarter, making it the world’s largest market by the number of users, according to iiMedia.

QQ Music, CMC's music streaming sites KuGou and Kuwo Music will continue to manage their existing brands and operations independently.

Kugou Music has an average monthly active user base of 156 million, followed by QQ Music's 153 million and Kuwo's 58 million in June, according to Analysys International.

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Merger of music business between CMC and QQ

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