Tencent Music signs deal with Universal Music
By Chen Nan(chinadaily.com.cn)
Updated: 2017-05-17 16:27:55
Universal Music Group, one of the world's leading music-based entertainment companies, and China's digital music distribution platform, Tencent Music Entertainment Group, which is under China's internet giant Tencent, have signed a licensing agreement.
Under the agreement, Tencent Music Entertainment Group will distribute music from Universal Music Group via its streaming platforms, QQ Music, Kugou and Kuwo.
The Tencent Music Entertainment Group will also exclusively license Universal Music Group's content to third-party music service providers in China.
Meanwhile, the companies will design, build and develop Abbey Road Studios China, a recording facility inspired by Universal Music Group's iconic recording studio in London.
"We're looking forward to working with Tencent as we develop local Chinese artists and repertoire, as well as global stars, in this dynamic and expanding music market," says Sir Lucian Grainge, the chairman and CEO of Universal Music Group. "I am looking forward to working with Tencent to bring exciting new artists and services to music fans across China."
Tencent Music Group provides over 17 million songs to 600 million monthly active users. It has more than 15 million paying subscribers.
Speaking about the agreement, Cussion Pang, the CEO of Tencent Music Entertainment Group, says: "This strategic agreement will further strengthen our efforts in copyright protection and shift the industry toward the paid subscription model.
"In addition, with the establishment of Abbey Road Studios China, we will work together with Universal Music Group to help local artists produce top-quality recordings for distribution in China and across the world."