China's Tencent Acquires Audiobook Platform Lazy Audio For $417 Million

The acquisition comes at a time when the music streaming site is looking to bolster its content library in order to put it behind a paywall and add more paid users

China's Tencent Acquires Audiobook Platform Lazy Audio For $417 Million

TencentMusic Entertainment Group acquired Lazy Audio

China's Tencent Music Entertainment Group said on Friday it acquired audiobook platform Lazy Audio, owned by Shenzhen Lanren Online Technology Co, for 2.7 billion yuan ($417 million). The deal will be largely paid through cash and Lazy Audio's management team will get post-acquisition equity-settled awards, Tencent said.

The acquisition comes at a time when the music streaming site is looking to bolster its content library in order to put it behind a paywall and add more paid users.

Lazy Audio's platform, founded in 2012, hosts Chinese comedy, podcasts and radio shows apart from audiobooks. Its revenue comes from pay-per-title sales, subscriptions, and ads. The companies expect to close the deal in the first half of 2021.