Asian streaming firm gets $104m boost for expansion

KKBOX, the Asian streaming service with 10m users and market dominance in Taiwan, Hong Kong, Japan, Singapore, Malaysia and Thailand, has raised $104m (US dollars) from Singapore’s sovereign wealth fund GIC.

The company states that this round of investment will be specifically used to fund the company’s overseas expansion.

Chris Lin, co-founder and CEO of KKBOX says, “The investment stems from GIC’s confidence in the long-term growth potential of KKBOX given its unique music streaming service and strong franchise in its home markets. With the rising demand of consumer technology in the region, there will be exciting opportunities for the company as it embarks on its expansion.”

KKBOX’s major shareholders include Japanese telecom giant KDDI and HTC. ChungHwa Telecom, Taiwan’s largest telecom carrier, is a 30% shareholder of KKBOX’s Taiwan subsidiary.

KKBOX was established, pre-Spotify, in 2004 by a group of Taiwanese software engineers. With the support from more than 500 international major and local independent labels, KKBOX features the most comprehensive Asia-Pop music library and is currently available in Taiwan, Hong Kong, Japan, Singapore, Malaysia and Thailand. GIC is among the world’s largest fund management companies. It was established in 1981 to manage Singapore’s foreign reserves.