Tencent Music Entertainment Group (Tencent Music or TME, NYSE: TME), the leading online music entertainment platform in China and Universal Music Group (UMG), the world leader in music-based entertainment, today announced a multi-year extension of their licensing agreement.
The companies also announced a new joint venture music label. The new label will be dedicated to reaching audiences across China through cultivating, developing, producing, and showcasing highly talented domestic artists and their premium original music.
With the extension of the licensing agreement, 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. These platforms include 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.
Through this extended partnership, UMG and TME will 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. UMG represents and holds the most comprehensive catalog of recordings and songs across every music genre. It identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. TME is the leading online music platform and a partner of choice in China, working closely together with its partners on copyright protection to empower artists, musicians and performers to create, distribute and monetize their music, and ultimately reach an enormous base of Chinese music lovers.
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.