The Government of Singapore Investment Corp (GIC) has invested US$104 million in the popular Taiwan-based music streaming service KKBOX Inc.
The investment plans to boost KKBOX’s business across Asia, the two sides said yesterday.
A joint statement said GIC’s investment would 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 said.
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 software programmers, KKBOX has more more than 10 million titles “including the most comprehensive Asia-Pop music library,” acccording to the firm’s Web site.
GIC, one of Singapore’s two state-linked investment funds, manages the affluent city-state’s foreign exchange reserves of more than US$100 billion.
It has investments in 40 countries in assets such as equities, fixed income, real estate and private equity.
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