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Tencent plots IPO for its online music business

Photo: Chesnot/Getty Images

Chinese tech giant Tencent is planning an IPO for its music company — Tencent Music Entertainment Group — reports Bloomberg, citing a company filing. Tencent has reportedly been in talks with banks to advise the IPO that could raise $1 billion or more.

The backdrop: Tencent's music platforms are key in connecting popular American artists to China's massive market. Per the Financial Times, Tencent Music Entertainment Group could be worth over $30 billion after its IPO. The company's competitor — and one of its investors — Spotify recently went public and has a valuation of $31 billion.