Tencent Music IPO Launches This Week:
The biggest news out of the music world this was Tencent Music finally launching its IPO on Wednesday, December 12. The company says it raised close to $1.1 billion Tuesday after pricing its stock at $13 per share. It closed trading on its first day at $14.19. As of publication, it is down to $13. With 82 million shares, its market value is around $21 billion. The company has posted a profit for the past two years. It owns the four largest music apps in China, streaming apps QQ Music, Kugou Music and Kuwo Music, and karaoke app WeSing. Its revenues come not just from advertising or paid subscriptions, but from in-app tipping, virtual gifts or other social entertainment services, which makes it a very different company to Spotify or Apple Music.
Read more here.
Apple Music Shutting Down Connect Feature:
Apple Music has given up on its second attempt to create a social aspect of the platform. It announced this week, effective immediately, that “connect posts from artists are no longer supported” according to 9to5Mac. They pushed the feature heavily when Apple Music launched in 2015, but like most social aspects of streaming services, it never caught on.
SoundCloud Launches Integration With Serato:
Back at ADE, SoundCloud announced a slew of integrations coming to the platform, including one with Serato. Now DJs will have access to the entire SoundCloud library through Serato. This is all done through a SoundCloud Go+ premium subscription with Serato DJ Pro 2.1 or DJ Lite 1.1. There won’t be offline support, so DJs will have to be hooked up to Wifi to stream songs from SoundCloud during a set. This is useful because SoundCloud has a lot of music that isn’t on the main streaming services.
Read more here.
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