Tencent Music Entertainment Group (Tencent Music or TME, NYSE: TME) and Universal Music Group (UMG), early last month, announced ‘a multi-year extension of their licensing agreement’.
Both leading music entertainment bodies also announced a new joint venture music label, dedicated to reaching audiences across China through cultivating, developing, producing, and showcasing highly talented domestic artists and their premium original music.
According to the licensing agreement, the extension will mean that TME will continue to distribute music from UMG’s world-renowned record labels and its stable of domestic and global recording stars on its platforms [QQ Music, Kugou Music and Kuwo Music].
UMG’s content will also be licensed for use on TME’s online Karaoke platform, WeSing, along with other live streaming and expanded digital services. The partnership will also further explore and expand their shared commitment to continued growth across the music market in China, in order to provide value for artists and great experiences for music fans.
Adam Granite, UMG’s London-based, EVP of Market Development, said, “We are pleased to extend and evolve our licensing agreement with TME for the Chinese market.”
“We look forward to working together with TME to help create compelling new experiences for fans across all TME platforms, and to expand on the opportunities available to UMG’s global and domestic family of artists in China.”
“Through this partnership expansion, we look forward to cultivating the growth of the dynamic and expanding music entertainment industry in China, taking our shared love and pursuit of new music, to new levels that will benefit all.” — TME’s Chief Executive Officer, Cussion Pang
Sunny Chang, Universal Music Greater China’s Chairman and CEO, said, “The extension of this agreement provides our roster of artists access to significant further opportunities in China, building on new momentum in the Chinese music market.”
“Furthermore, we look forward to working with TME together on our new music label in China to develop talented artists and bring their original music to a global audience.”
TC Pan, TME’s Group Vice President of Content Cooperation, said, “… Together we can build an international pioneering music label to produce new music loved by the younger demographic, bringing in iconic music stars, innovative music works, and more breakthrough music genres to the global music market, ultimately providing music fans in China and around the world with a spectacular music entertainment experience.
UMG and TME have been working closely to reinforce a sustainable music licensing ecosystem in order to help support the industry’s evolution in China. Under the existing partnership, TME has promoted UMG’s vast licensed premium music to hundreds of millions of music fans through TME’s leading marketing capabilities and in-depth user insights.
The two companies have also collaborated on music product innovations, including online music shows and videos, to provide users with a first-class online music entertainment experience in China.
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