YouTube's new paid music streaming service could launch in March

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QQ Music, KuGou and Kuwo are all music service providers that fall under TME, which Tencent owns majority stake in.

Spotify knows it wouldn't stand a chance in the Chinese market by going alone, and through joining forces with Tencent it has some chance of gaining traction in some form - though we don't know exactly what form that will be.

China remains a notable absentee on Spotify's worldwide roster, but as it prepares to go public in 2018, this deal could open doors that were previously closed to the Swedish music streaming company previously. The deal would give Spotify a much-needed cash infusion and a valuation of upwards of $10 billion, per the report. Further compounding matters, Spotify and Tencent Music Entertaining Group today announced a joint equity arrangement where each company would hold a minority stake in the other, further cementing Spotify's position as the leading music service available today.

Spotify is now present in 61 markets, but not China.

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TME and Spotify will now establish "a common objective to foster a vibrant music ecosystem that benefits users, artists and content owners", said Cussion Pang, CEO of TME.

Making things a little spicier is the fact that music channel Vevo's contract with YouTube reportedly requires re-negotiation early next year.

Youtube is reportedly planning to launch a paid music streaming service that would compete directly with Spotify (spotify) and Apple Music, and go a long way toward appeasing record executives who complain the site takes too big a bite of their revenues.

In September, TechCrunch reported that Tencent was considering to buy Spotify, before talks broke down.