Tencent Music, a division of the China-based internet giant Tencent announced it has acquired Lazy Audio in a deal worth 2.7 billion yuan or $416 million. For the uninitiated, Lazy Audio is another Chinese entity that specializes in audio entertainment in the form of podcasts, audiobooks, and radio shows.
The deal with help Tencent Music Entertainment Group (TME) further consolidates its position as a provider of almost the entire gamut of audio-based entertainment. The group already owns streaming services named QQ Music, Kugou Music, and Kuwo Music. Besides, it also owns the WeSing Karaoke app as well.
The Lazy Audio acquisition will allow TME to enhance its portfolio of non-musical audio entertainment offerings. Further, TME is also looking forward to enhancing its capacity to produce more audiobooks using Lazy Audio’s recording infrastructure. Lazy Audio already has a strong userbase and relies on subscription and ad revenue for growth.
TME meanwhile stated it is going to be largely a cash-only deal though the Lazy Audio staff would also be providing post-acquisition equity-settled awards as well. Lazy Audio will also be allowed to have an independent identity while also being central to TME’s long-term audio strategy as well. The entire acquisition process is expected to be complete by the first half of 2021 itself.
With a keen interest in tech, I make it a point to keep myself updated on the latest developments in the world of technology and gadgets. That includes smartphones or tablet devices but stretches to even AI and self-driven automobiles as well, the latter being my latest fad. Besides writing, I like watching videos, reading, listening to music, or experimenting with different recipes. Motion picture is another aspect that interests me a lot and maybe I’ll make a film sometime in the future.