GIC invests $130m in Net music service
SINGAPORE sovereign wealth fund GIC has invested US$104 million (S$130 million) in KKBOX, a popular Taiwan-based music-streaming provider aiming to expand across Asia, the two sides said yesterday.
A joint statement said GIC's investment will be used to fund 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 programmers, KKBOX features more than 10 million tracks, "including the most comprehensive Asia-Pop music library", according to the firm's website.
GIC, one of Singapore's two state-linked investment funds, manages the affluent city-state's foreign-exchange reserves of well above US$100 billion.
It has investments across 40 countries in assets like equities, fixed income, real estate and private equity.