GMM Music has announced a collaboration with global partners “Tencent Music Entertainment Group,” a leader in the music and entertainment business under Tencent, and “Tencent Holdings Limited,” a technology giant from China, to engage in a strategic investment in GMM Music, acquiring a 10% stake valued at 25.7 billion baht through cash and shares of JOOX Thailand. This partnership aims to strengthen the Spin-Off plan and promote the growth of Thailand's New Music Economy by expanding business, stimulating growth, exchanging knowledge with global partners, and investing in new forms of music industry initiatives that respond to the rapidly growing future of the music industry.

Mr. Pawit Jittrakan, CEO of GMM Music Public Company Limited, stated, “In the era of the Music Second Wave, the music industry is experiencing a resurgence, with revenue surpassing previous peaks. GMM Music has strategized to support this growth alongside continuous development of the Music Infrastructure for the Thai music industry. One of our key strategies is to expand collaborations with leading music businesses abroad that recognize the potential of the Thai music industry. We are very pleased that our parent company, Tencent, and Tencent Music Entertainment Group will strategically invest in GMM Music with a 10% stake valued at 2.57 billion baht, creating a company value of up to 25.7 billion baht. The main goal is to strengthen our Spin-Off plan aimed at sustainably growing Thailand's New Music Economy. We plan to expand business opportunities into larger new markets, with China being one of the target countries that offers significant potential and opportunities. This investment is undoubtedly a “major bridge” for the music industry, facilitating investments in new businesses and enhancing our international reputation, leading to growth in both performance and financial stability, ultimately elevating the Thai music industry as a whole.

Mr. Fahmai Damrongchaitam, Chief Marketing Officer of GMM Music Public Company Limited, said, “This strategic investment plan will significantly accelerate GMM Music's growth rate, preparing us to seize business opportunities in the new era and enhance the company’s capabilities to become The Next Asia’s Dragon in the global market. We aim to create upscale business opportunities in music and digital sectors, which are crucial drivers for the growth of the new music industry, as well as expand our music business into global markets by introducing GMM Music artists to Asia and international markets, leveraging the entertainment businesses of both Tencent and TME, which collaborate with companies worldwide. Additionally, we will work together to uplift the quality of Thai music production by exploring investment opportunities in music creation and artist development, as well as organizing concerts and music festivals together to enhance the competitiveness of the Thai music business on a global scale. Importantly, we also aim to unlock the company’s value through resource and deep knowledge exchange in marketing, sales, customer management technology, and modern innovation development to ensure sustainable growth for the future and continuous returns for the company, while jointly pushing forward the company’s IPO plan to success. This strategic investment marks a significant step for GMM Music towards building strength and sustainability for the future.

Furthermore, there is an agreement for joint investment in JOOX Thailand by GMM Grammy to enhance technology business and support the Thai music market to grow in line with the global music market through the streaming platform, which is one of the key driving forces. This joint venture will combine the technological strengths from Tencent and TME’s expertise to develop a platform that better meets the behaviors of modern listeners, alongside improving content management efficiency through GMM Music’s expertise, while collaborating with all partner record labels without limitations. This collaboration will also create new revenue opportunities from the fandom economy by generating activities and engagement channels with artists and fandoms in Thailand, China, and internationally. All of this will strengthen GMM Music as it moves forward with its IPO plans in the near future.

About GMM Music Public Company Limited

GMM Music operates under a “Total Music Business” model, providing comprehensive music services from artist selection, music production, marketing, managing and collecting music royalties, distributing music products in both physical and digital formats, to organizing concerts and festivals, as well as managing artists professionally. The company also has a music and performance training institute to develop and elevate the quality of artists to become true professionals, enabling the company to expand its music business comprehensively and generate revenue from various channels effectively.