Visitors are seen at a booth of Tencent Music Entertainment at the Beijing Music and Life Show in Beijing, China, May 7, 2017. Picture taken May 7, 2017. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.
Tencent Holdings Ltd’s plan to spin off its online-music business and list shares in the US is the latest sign that the long-beleaguered recording industry is staging a comeback.
The move will let American investors bet on the Chinese market for music-streaming services, which have brought new life to a business that’s been plagued by piracy. Tencent’s growth in China also mirrors inroads by partner Spotify Technology SA in the US, where streaming has helped music sales grow at their fastest rate since the 1990s.
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