YouTube could launch a new music streaming service in March

Posted December 11, 2017

Tencent's music and karaoke subsidiary, TME, is China's unrivalled leader in music streaming with some 600 million active users across its handful of streaming platforms.

The report also hints that the Play Music brand is likely to drift into the background in favor of putting the YouTube name front and center. Further to that, Tencent will make its own investment in Spotify by purchasing secondary shares from existing backers.

But what will this actually mean in real terms? Spotify's approach to China echoes that of other USA technology companies, including ride-hailing companies and cloud computing services, which have ultimately had to rely on local partnerships to operate.

TME Chief Executive Cussion Pang confirms: "TME and Spotify will work together to explore collaboration opportunities".

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Apparently, the new service - internally referred to as Remix - is set to launch next March in an attempt to take on the likes of Apple Music and Spotify. In July past year, Uber unfurled the white flag and merged its Chinese operations with local e-taxi giant Didi Chuxing in a $35 billion deal, while Amazon recently announced it was selling off the hardware from its public cloud business to existing Chinese partner Sinnet to comply with local law.

The massive cash transaction will see Spotify, today present in more than 60 markets, potentially gain a foothold on the Chinese market. With Spotify being the current music streaming leader in North America and Europe, while Tencent leads China's media market - these two companies are surely planning a powerhouse move.

Spotify CEO Daniel Ek said the alliance between the two online music giants "will allow both to benefit from the global growth of music streaming." .