WASHINGTON (dpa-AFX) - Spotify and China's Tencent Music Entertainment, both popular online music streaming service, has agreed to buy minority stakes in each other.
The value of the deal or shareholding sizes have not been disclosed. However, reports suggest it will be a 10% stake.
Meanwhile, Tencent Music Entertainment's owner, Tencent Holdings, will also separately buy a minority stake in Spotify.
Spotify launched in 2008 and now provides music streaming to 140 million users globally, of which 60 million pay for its premium advertising-free subscription.
The deal with Tencent will give Spotify access to Chinese music market, a large country which it does not cater to.
Copyright RTT News/dpa-AFX
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