Tencent through Tencent Music has now agreed to acquire a leading podcast company in China, namely Ximalaya. Tencent acquired it for a value of $1.3 billion.
Ximalaya was previously ready to receive investments from Tencent itself, in addition to Baidu and Sony. In 2023, Ximalaya said they had 303 million monthly active users. The latest figure was not shared.
With this acquisition, Tencent Music is expected to be able to integrate Ximalaya's podcast content, while further diversifying their content offerings to customers. Tencent Music itself is one of the leading music content access providers in China, and this acquisition is seen as further strengthening Tencent Music's position.
Tags
BUSINESS & MONEY