Singapore's GIC buys into Taiwan music streaming firm

Aug 28, 2014

Singapore sovereign wealth fund GIC has invested $104 million in KKBOX, a popular Taiwan-based music streaming provider aiming to expand across Asia, the two sides said Thursday.

A joint statement said GIC's investment will be used to fund the KKBOX's "overseas expansion, as well as refine its technology and service".

The investment underlines GIC's "confidence in the long-term growth potential of KKBOX given its unique music streaming service and strong franchise in its home markets," it said.

Growth is expected to be driven by the "rising demand of consumer technology in the region", the statement added.

KKBOX, a leading digital music platform in Asia, is currently available in Taiwan, Japan, Hong Kong, Singapore, Malaysia and Thailand.

Established in 2004 by a group of Taiwanese software programmers, KKBOX features more than 10 million tracks "including the most comprehensive Asia-Pop library", acccording to the firm's website.

GIC, one of Singapore's two state-linked funds, manages the affluent city-state's foreign exchange reserves of well above $100 billion.

It has investments across 40 countries in such assets as equities, fixed income, real estate and private equity.

Explore further: Singapore's GIC buys stake in anti-plagiarism software maker

add to favorites email to friend print save as pdf

Related Stories

Singapore invests $100 mn in Indian medical group

Mar 15, 2012

One of Singapore's two investment funds said Thursday it had paid $100 million for a minority stake in an Indian medical group, as part of its plan to shifts focus to emerging markets.

Google buys Songza streaming music service

Jul 01, 2014

Google on Tuesday said that it has bought Songza, a free online streaming music service that recommends tunes based on what people might be in the mood to hear.

Google made failed bid for Spotify

Jul 23, 2014

Internet titan Google tried last year to buy streaming music service Spotify but backed off for reasons including a whopping price tag, the Wall Street Journal reported on Tuesday.

Recommended for you

Uber ramps up safety efforts after criticism

Mar 25, 2015

Uber said Wednesday it was ramping up safety in response to rape allegations against a driver in India and growing concerns about background checks for operators of the popular ride-sharing service.

Closing salvos in Silicon Valley sex bias case

Mar 25, 2015

Rival attorneys launched closing salvos Tuesday at jurors who will decide whether a renowned Silicon Valley venture capital firm was a "boys club" that discriminated against women.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.