GIC invests S$129.6 million in music streaming service KKBOX
SINGAPORE — GIC, Singapore’s sovereign wealth fund, has invested USS104 million (S$129.6 million) in Taiwan-based music streaming provider KKBOX. The investment proceeds will be used to fund the company’s overseas expansion, as well as to refine its technology and services, said Chris Lin, co-founder and CEO of KKBOX in a joint press release with GIC.
KKBOX is a major player in the Asian music streaming industry and is available in Singapore, Taiwan, Hong Kong, Japan, Malaysia and Thailand. Photo: KKBOX
SINGAPORE — GIC, Singapore’s sovereign wealth fund, has invested USS104 million (S$129.6 million) in Taiwan-based music streaming provider KKBOX. The investment proceeds will be used to fund the company’s overseas expansion, as well as to refine its technology and services, said Chris Lin, co-founder and CEO of KKBOX in a joint press release with GIC.
KKBOX is a major Asian player in the music streaming industry and is affiliated with more than 500 international major and local independent music labels. The service is currently available in Singapore, Taiwan, Hong Kong, Japan, Malaysia and Thailand, with over 10 million users.
KKBOX’s other major shareholders include Japanese telecom giant KDDI and HTC. ChungHwa Telecom, Taiwan’s largest telecom carrier, will remain with a 30 per cent stake in KKBOX’s Taiwan-based subsidiary.
Stay in the know. Anytime. Anywhere.
Subscribe to get daily news updates, insights and must reads delivered straight to your inbox.
By clicking subscribe, I agree for my personal data to be used to send me TODAY newsletters, promotional offers and for research and analysis.
