Tencent Music Entertainment Group and Universal Music Group signed a deal under which Tencent Music will become Universal Music's exclusive partner for its distribution business in mainland China and the two parties will jointly expand into the Chinese music market in the future.
According to the cooperation agreement, Tencent Music Entertainment, including QQ Music, Kugou.com, and Kuwo.cn, will gain the operation, promotion and development rights of the high-quality music content and famous singer resources of Universal Music. The two parties will work together to explore and train new artists, develop new business models, and improve copyright protection environment.
In addition, Tencent Music will provide market promotion support to Universal Music's artists.
Financial terms of the deal were not released.
Tencent Music Entertainment is one of the largest digital music platforms in China. It has a library of over 17 million genuine music and songs, 600 million monthly active users, and more than 15 million paid users.
With rich music library resources, Universal Music operates music recording, lyrics copyright distribution, and audio-visual content in over 60 countries around the world.
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