Just recently, the popular Thai home entertainment business GMM Music revealed that Chinese web huge Tencent and its music home entertainment platform Tencent Music Entertainment Group (TME) will get 10% of its shares for $70 million.
It is reported that Tencent and Tencent Music Entertainment will finish this share acquisition through money payment, integrated with their minority stake in the music streaming application JOOX in Thailand. This relocation has actually raised GMM Music’s total assessment to $700 million.
According to reports, GMM Music is the music department under GMM Grammy, and GMM Grammy is Thailand’s biggest global record business, inhabiting over 60% of the marketplace share in Thailand. In July in 2015, GMM Grammy had actually currently authorized strategies to spin off its music department and list on the Thailand Stock Exchange. The cooperation with Tencent and Tencent Music Entertainment will unquestionably supply strong assistance for GMM Music’s listing strategy and company growth.
Phawit Chitrakorn, CEO of GMM Music, is eagerly anticipating this cooperation. He mentioned that this collaboration will drive the business’s growth into bigger brand-new markets, particularly the Chinese market where he sees incredible market capacity.
At the very same time, Tencent Music Entertainment Group Launched its monetary report for the very first quarter of 2024. The report reveals that Tencent Music’s profits in the very first quarter was 67.7 billion yuan, a minor reduction from the 70 billion yuan in the exact same duration in 2015, however its adjusted net earnings increased by 23.9% year-on-year to reach 18.1 billion yuan, showing strong success.
SEE ALSO: Tencent Music’s Q2: User Growth and Entertainment Decline
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