Why Is Chinese Media Giant Tencent Spending Billions Investing in Major Music Companies?

It is tempting to envision Chinese media firms as the local equivalent of a familiar Western brand. That mindset imagines Weibo as the Chinese Twitter, iQIYI as the Chinese Netflix, and WeChat as a Middle Kingdom version of WhatsApp. The reality is usually more complicated. Largely walled off from international competition, many Chinese media-tech firms have grown by being hybrids, with games firms spilling over into live-streaming, and e-commerce firms justifying excursions into streaming video…

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