Tencent Music PlatformFor record companies, this recovery has helped them regroup after years of decline. Previously, the disappearance of physical media and free downloadswebsiteDestroyed the record industry. At the beginning of this century, the advent of iTunes and the launch of legitimate download options did not help to withstand the decline of the recording industry. But now, streaming services seem to provide a live ration for music sellers.
Informed sources said in May that Tencent Music Entertainment Group has selected investment banks to provide advice on its listing in the US. Tencent Music may raise at least $1 billion through this IPO.
According to data from the Recording Industry Association of the United States, recorded music sales in the United States increased 17% last year to $8.5 billion, with streaming music sales accounting for nearly two-thirds. This has made the record industry's sales the fastest growth since 23 years ago.