騰訊音樂在美國IPO首日上漲8.6%,但估值減少了123億美元

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  • 騰訊音樂在美國IPO首日上漲8.6%,但估值減少了123億美元

      201812/1705:08
    ◎中國最大的音樂串流媒體騰訊音樂(TME)於12日在美國推出規模縮小的首次公開募股(IPO),盤中上漲8.6%到14.13美元。TME在紐約證券交易所上市前的定價為13美元,希望募資到11億美元,其IPO原定於10月18日推出。

    ◎騰訊在今年秋季的估值為300億美元,但股票首次亮相的估值卻減少了123億美元。在今年第一季度Spotify以310億美元估值上市時,TME的估值為120億美元。股市表現顛頗、美中關係惡化以及對Spotify和其串流音樂商業模式在財務上的可行性持續質疑,都是造成騰訊音樂的估值有如雲霄飛車般的起伏的原因。

    ◎不過TME和Spotify之間有很多的差異,最大的差異是TME聲稱自己已經是獲利狀態,其盈利的原因在於,與Spotify不同,TME是一個音樂服務網絡,包括了隨選音樂、卡拉OK和直播,每個都是有廣告插播、訂閱和虛擬禮物等模式支持。騰訊音樂聲稱其服務共擁有8億用戶,但分析師指出其中包含重複數據,因為許多中國人使用多個TME的應用程式或服務。

    ◎騰訊的IPO也讓Spotify獲得收益。去年騰訊和Spotify進行了股票互換,估計交換了9%的非控股權益。除了為兩家公司開闢潛在的新機會之外,該股票交易還讓兩家全球的頂級音樂串流服務公司在未來與唱片公司和音樂出版商進行授權談判時能保持一致的立場。

    詳細全文:

    Tencent Music [TME] was trading up 8.6% in the $14.13 range mid-day Wednesday, during the launch of its scaled down U.S. IPO. China's largest music streamer priced shares at $13 ahead of its NYSE listing hoping to raise $1.1 billion. The IPO had originally been scheduled for October 18th.

    Tencent was valued at $30 billion in the Fall of this year, but today's stock debut comes with a reduced $12.3 billion valuation. TME had been valued at $12 billion at the time of Spotify's $31B listing in Q1 of this year.

    A rocky stock market, worsening US/China relations, and continued questions over the financial viability of Spotify and the streaming music business model, have all contributed to Tencent Music's rollercoaster valuation.

    But there are many differences between TME and Spotify. The most obvious is that the Chinese streamer claims to be profitable. The other, and the reason for its profitability is that, unlike Spotify, TME is a web of music services including on-demand, karaoke and live streaming, with each supported by ads, subscriptions and virtual gifts.

    Tencent Music claims 800 million users across its services, though analysts point out that includes duplicates, as many Chinese use more than one TME app or service.

    Spotify Gains With Tencent IPO

    Last year, Tencent and Spotify did a stock swap, taking an estimated 9% non-controlling interest in the other. In addition to opening up potential new opportunities for both companies, the stock deal aligned two of the worlds top streaming services music streaming services in future licensing negotiations with labels and music publishers.

    Hypebot

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