Tencent-Backed Music-Streaming Service Plans U.S. IPO

[China Music Corp]’s plans to go public come as competition intensifies in China’s online music market, where hundreds of millions of smartphone users listen to music with mobile apps. While revenue from online music in China is still small compared with the U.S., Chinese companies such as CMC are trying to secure their positions in a growing market that could become lucrative in the future. CMC’s Kugou and Kuwo are among China’s top mobile music apps. The country’s biggest Internet companies—Tencent, online shopping firm Alibaba Group Holding Ltd. and search provider Baidu Inc.–all operate their own music-streaming businesses. – Alec Macfarlane & Kane Wu, The Wall Street Journal