Tencent Music Files for $1B U.S. IPO

Tencent Music is a profitable company with three main businesses: QQ Music, WeSing, and live streaming. It offers US investors a chance to tap into China's music streaming market, which faces piracy issues. Tencent Music mirrors Spotify's success and has helped global music sales grow. Chinese companies, including Tencent, are increasingly listing in the US, raising significant funds. Tencent is reorganizing to address profit drops and is investing in new revenue streams like cloud services. Tencent Music fits into the WeChat ecosystem, but only a small percentage of users pay for music, highlighting a monetization challenge.

What is the significance of Tencent Music's user base in relation to WeChat?

What percentage of Tencent Music's active users actually pay for the music?