Tencent and Spotify swap stakes
Music streaming services Spotify and Tencent Music Holdings have agreed to invest minority stakes in one another, both companies announced on Friday.
Why it matters: The investments could allow each company to expand their global footprints. Tencent Music's parent company is a dominant force in China's social internet economy, and has recently made investments in American companies like Snapchat. Spotify has been working to go public through a direct listing, and an investment from Tencent could help convinvce shareholders that it has global appeal.