Spotify (NYSE: SPOT) and Tencent Music Entertainment (NYSE: TME) are two of the world’s largest streaming music companies. Spotify, which is based in Sweden, serves 365 million monthly active users (MAUs) across most of the world, but doesn’t operate in mainland China.
That’s because Tencent Music, which hosts 623 million mobile MAUs on its streaming music platform, dominates the mainland Chinese market. Its social entertainment platform, which revolves around its live streaming karaoke app WeSing, hosts an additional 209 million mobile MAUs.