Spotify and Tencent-owned music streaming service TME have taken equity stakes in each other as they reportedly each prepare for an IPO.
Tencent Music Entertainment (TME), a subsidiary that manages internet group Tencent’s music streaming and karaoke services, agreed on Friday to exchange equity stakes with music streaming platform Spotify.
In addition, Tencent will make its own investment in Spotify by purchasing secondary shares from existing backers, having reportedly been trying to wholly acquire the company earlier this year. Figures for the repsective purchases have not been disclosed.
Founded in 2006, Sweden-based Spotify is a music streaming platform operator backed by investors…
