Through a merger between its flagship music streamer QQ Music and competitor China Music Corporation (CMC) in July 2017, the firm's new music unit Tencent Music and Entertainment Group (
TME) managed to control a whopping 75 % of the market by combining the shares of Kuwo and KuGou — formerly owned by CMC — and QQ Music, according to a report by the Data Center of China internet (DCCI).
Tencent Music Entertainment (
TME), the Chinese firm's subsidiary that manages its music streaming and karaoke services, will make an undisclosed minority investment in Spotify
through new shares, while Spotify will buy a similar undisclosed stake in
TME.