Streaming Service KKBOX Raises $104 Million to Expand Beyond Asia
KKBOX is ready to expand overseas. The Taiwan-based music streaming service, which has been around longer than Spotify and Pandora, announced on Thursday (Aug. 28) that it has raised $104 million from GIC, Singapore's sovereign wealth fund.
In addition to helping it move beyond Asia, where it is an industry leader, the funds will be used to make tech advances and improve service, said CEO Chris Lin in a statement on KKBOX's website.
Founded in 2004, KKBOX is currently available in Taiwan, Japan, Hong Kong, Singapore, Malaysia and Thailand. In May, it signed a deal with digital distribution platform TuneCore, which further added to its song catalog of over 10 million tracks for its 10 million-plus users.
KKBOX's other major shareholders include telecom carriers ChungHwa Telecom (Taiwan) and KDDI (Japan), as well as the Taiwanese smartphone maker HTC.