Tencent Music Entertainment Group and Universal Music Group Extend Multi-year Strategic Licensing Agreement

03 January 2024 - Press release

 

Tencent Music Entertainment Group (“TME,” or the “Company”) (NYSE: TME and HKEX: 1698), 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 available to UMG’s family of artists in China.”

TC Pan, TME’s Group Vice President and Head of Content Cooperation Business, added, “We are committed to offering our users the most comprehensive music content through diverse scenarios across our platform. Through our concerted efforts with UMG, we’ll also explore innovative ways to facilitate artist-fan interactions while unleashing artists’ creativity.”

Timothy Xu, Chairman and CEO, Universal Music Greater China said, “We are delighted to extend our relationship with TME, as we continue to create new opportunities for UMG’s artists to connect with the many millions of dedicated music fans here in China. UMG will continue to work with TME to bring the very best in music to these passionate music consumers, and to explore new ways to enhance their listening experiences.