TME - Tencent Music Entertainment Group and Universal Music Group Extend Multi-year Strategic Licensing Agreement | Benzinga
SHENZHEN, China, Jan. 3, 2024 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE:TME), the leading online music and audio entertainment platform in China, and Universal Music Group ("UMG"), the world's leading music-based entertainment company, today announced the renewal of a multi-year strategic licensing agreement, fortifying their shared commitment to creating value for artists and exceptional experiences for music lovers.
Under the agreement, TME continues to have access to UMG's music catalogue for QQ Music, Kugou Music, Kuwo Music, and WeSing. The expansive partnership includes music streaming in Dolby Atmos and high-definition (HD) formats.
Cussion Pang, Executive Chairman of TME, said, "UMG has been an invaluable ecosystem partner to TME with deep mutual trust. Our diverse user demographics, large subscriber base, extensive industry insights, and advanced technologies have positioned us as a standout partner of choice. With a shared passion for music, we look forward to enriching our cooperation and strengthening our vibrant ecosystem to promote growth and prosperity."
Adam Granite, UMG's EVP of Market Development, said, "We are pleased to extend our licensing agreement with TME for the Chinese market. With our renewed focus on signing and supporting the best talent from across Greater China, 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 ...