By Emmanuel Legrand
China's leading music streaming platform Tencent Music Entertainment has entered into an agreement to acquire audiobook platform Lazy Audio, owned by Shenzhen Lanren Online Technology, for RMB2.7 billion ($415m) in cash, plus post-acquisition equity awards to Lazy Audio’s management.
Lazy Audio was founded in 2012 and is host to Chinese comedy, podcasts and radio shows in addition to audiobooks. It operates under various models: subscription, per-title acquisition and advertising.
Tencent said that Lazy Audio has "a highly-scalable user base, making it one of the leading audio platforms in China." The companies expect to close the deal in the first half of 2021. Post-acquisition, Lazy Audio will continue to operate as an stand-alone entity, but will benefit from Tencent's promotional and marketing services.
“We expect this strategic acquisition to significantly deepen our presence in the fast growing long-form audio industry in China,” said Tencent Music CEO Cussion Pang. Tencent Music operates music-centric live streaming services QQ Music, Kugou Music, Kuwo Music and online karaoke app WeSing.
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