Chinese internet giant Tencent Holdings Ltd. is planning to spin off its online music entertainment business and list its shares in the U.S. through a public offering, the company said in a filing to the Hong Kong stock exchange Sunday.
Kobalt Music announced that Rian Liebenberg will be taking over as CTO, as Richard Thompson has decided to step down from the position. However, Thompson will continue to advise the company as emeritus CTO.
Fueled by a 45 percent rise in on-demand streams, the amount of music Americans either bought or streamed during the first half of 2018 increased by 18 percent over the same period a year earlier, a report out Friday revealed.
A recent survey by KaKao, the operator of the nation’s largest music streaming service, Melon, found that subscribers to the service used the “music recommendation function” 28 percent more often on rainy days than on sunny ones.