In The Know: SoStereo's Weekly Music News Summary December 7, 2018

SoStereo's weekly music news summary with 2018 being wrapped up, another twist in the Tencent Music IPO saga and more.
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Apple Music Subscribers Up To 56 Million:

According to a report in the Financial Times, Apple Music has reached 56 million subscribers. That number presumably also includes people on a free trial. That number comes from industry executives and not Apple, so there can be some speculation. The number has risen form 50 million in May, so about 1 million per month. The report continues to claim that Apple Music has more subscribers in the US than Spotify, though Spotify has more global subscribers.

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Tencent Music Moves US IPO To End Of 2018:

In yet another part of the IPO saga with Tencent Music, the company filed a form with the SEC on Monday that declared their intention to be a publicly traded company by the end of 2018. Obviously that is very soon, so they would have to do their US IPO in the next few weeks. One can reasonably assume they are far along in the process of picking financial backers and are pretty much ready to announce the actual date. Recent reports suggested they were pushing the date back to 2019 in response to market fluctuations, but it appears as though they are sticking with 2018.

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Music & Tech Companies Wrap Up 2018:

If you have been on social media lately, you would have seen the various wrap ups from music and tech companies who have put out their year end stats for 2018. Spotify delivered they wraps to artists and listeners, while also sharing who were the most streamed artists with Drake, Post Malone, Ariana Grande and J Balvin taking the crown. Apple Music did the same and their list looked quite similar with hip-hop being even more dominant, while SoundCloud also shared their list with Juice WRLD taking the crowd of the top artist and song. BTS was the most talked about celebrity on Twitter, not that surprisingly. 

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See past In The Know's here.

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