Spotify And Tencent Music Entertainment Strike Deal

Spotify and Tencent Music Entertainment are to buy shares in one another's businesses. They have not disclosed the exact values or percentages of the deal, but it is rumoured that they have both bought 10% stakes in each other. Spotify is a popular music streaming service, with 140 million customers in 61 countries around the world. One of the countries where it is not present, however, is China. Tencent Music Entertainment owns two popular Chinese music streaming companies: KuGou and QQ Music. By investing in one another, they are helping one another to become more global. Spotify's founder and chief executive, Daniel Ek, commented on the investment, saying: “This transaction will allow both companies to benefit from the global growth of music streaming.”