Tencent will provide “significant support” to Douban FM in terms of design
Strategic investments in the world of music streaming for Tencent, which (through the music division) has decided to focus heavily on Douban FM. Interest has also come from Trustbridge Partners
To ensure that a revised platform, which will soon be available online, Douban’s parent company FM DNV Music Group will create a new company with investors. Tencent will provide “significant support” to Douban FM in terms of product design and copyright authorization.
Douban FM lost its popularity following local streaming giants
Douban FM is one of the first music streaming services in China and, since its launch in 2009, has lost its popularity as a result of local giants accelerating their market incursions. Its monthly active users have halved to 4 million in the last eight years, compared to that of Tencent QQ Music (290 million).
The service is powered by algorithms and allows users to create playlists or even custom channels. Tencent Music, on the other hand, became public after delaying the IPO amid troubles earlier this month. The investment in Douban FM marks the expansion of Tencent in its product lines in China’s streaming music market.
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