SHENZHEN, China, Jan. 15, 2021 /PRNewswire/ — Tencent Music Leisure Group (“Tencent Music,” “TME,” or the “Firm”) (NYSE:TME), the main progressive on-line music leisure platform in China, right this moment introduced that it entered right into a definitive settlement to amass 100% fairness curiosity of Shenzhen Lanren On-line Know-how Co, Ltd (“Lazy Audio”, “Lanren tingshu”), a well-established audio platform in China, for a complete consideration of RMB2.7 billion, primarily payable in money, plus sure post-acquisition equity-settled awards to Lazy Audio’s administration crew. The present shareholders of Lazy Audio embody China Literature Restricted (“China Literature”, inventory code: 00772.HK), Lazy Audio’s administration crew and different monetary buyers. The transaction is predicted to shut within the first half of 2021 topic to customary closing situations.
Based in 2012, Lazy Audio is a complete audio platform offering leisure within the types of audiobooks, Chinese language comedy, podcasts and different radio reveals to clients. It monetizes by way of totally different channels, together with pay per title, subscription cost for content material, and promoting. Lazy Audio has developed right into a thriving group with sturdy person interactions and engagement, offering superior content material and companies to audio customers throughout China. Lazy Audio has a highly-scalable person base, making it one of many main audio platforms in China.
“We’re delighted to welcome the gifted Lazy Audio crew to the TME household, and anticipate this strategic acquisition to considerably deepen our presence within the quick rising long-form audio business in China,” stated Mr. Cussion Pang, Chief Government Officer of Tencent Music. “As a number one supplier of audio leisure, Lazy Audio could be seamlessly built-in into our present long-form audio technique, enabling us to additional monetize the intensive library of high-quality literature IPs that we now have entry to via strategic partnerships with China Literature and others.”
“Lazy Audio’s catalog is ready to broaden our audio content material library, and its recording capability will considerably enhance our manufacturing of audiobooks. We consider this partnership will assist us cater to the more and more nuanced wants of our clients, strengthen our model recognition on this section, generate appreciable operational synergies, and speed up our journey to turn into a number one audio leisure platform in China.” Mr. Pang added.
Mr. Bin Track, founder and Chief Government Officer of Lazy Audio, stated, “We share the identical imaginative and prescient with TME that China’s audio business is a less-penetrated space with nice potential. Merging with TME will profit us to strengthen our competitiveness, set up a stronger reference to Tencent portfolio and convey Lazy Audio to the following stage.”
Lazy Audio will preserve its unbiased operations whereas being a vital part of TME’s general long-form audio technique. Upon completion of acquisition, TME will consolidate the funding in Lazy Audio, and allow Lazy Audio to have full entry to TME’s experience, main know-how, and powerful promotional capabilities.
About Tencent Music Leisure
Tencent Music Leisure Group (NYSE: TME) is the main on-line music leisure platform in China, working the nation’s extremely standard and progressive music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music’s mission is to make use of know-how to raise the function of music in individuals’s lives by enabling them to create, take pleasure in, share and work together with music. Tencent Music’s platform contains on-line music, on-line karaoke and music-centric dwell streaming companies, enabling music followers to find, hear, sing, watch, carry out and socialize round music. For extra data, please go to ir.tencentmusic.com.
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