China-based music services provider Taihe Music Group has raised RMB1bn ($154m) in a funding round co-led by Legend Capital, the venture firm formed by conglomerate Legend Holdings, China Money Network reported today.
Investment manager Zhongtai Chuanghui and private equity fund Guochuang Kaiyuan also participated in the round.
Taihe owns nine record labels and retains the rights to a large music catalogue made up of its own music as well as that sourced through distribution deals. It is also responsible for a large part of China’s live music market.
The company is the result of a series of mergers, the first of which involved music publishers Taihe Rye Music, Ocean Butterflies Music and Touch Music Publishing.
Taihe subsequently merged with Qianqian Music, the music streaming subsidiary of internet group Baidu then known as Baidu Music, in 2015.
The latest funding will enable Taihe to increase and accelerate its strategic investments, according to chairman Qian Shimu. Baidu is also a shareholder in the company, as is Shenzhen Houde Qianhai Fund Management, according to China Money Network.