Tencent Music Entertainment Group and Universal Music Group Agree to Multi-Year Licensing Agreement Extension and Establishment of New Joint Venture Music Label in China
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SHENZHEN and LONDON, Aug. 10, 2020 /PRNewswire/ -- 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.
Adam Granite, UMG's London-based, EVP of Market Development, said, "We are pleased to extend and evolve our licensing agreement with TME for the Chinese market. 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 global and domestic family of artists in China."
Cussion Pang, TME's Chief Executive Officer, said, "I am delighted to announce this landmark win-win strategic cooperation with Universal Music Group. Supported by our hundreds of millions music lovers, powerful promotional channels, extensive user insights, as well as well-rounded digital music services, we have been a valuable partner for the industry to engage with music lovers. Through this partnership expansion, we look forward to cultivating the growth of the dynamic and expanding music entertainment industry in China, taking our shared love and pursuit of new music, to new levels that will benefit all."
Sunny Chang, Universal Music Greater China's Chairman and CEO, said, "The extension of this agreement provides our roster of artists access to significant further opportunities in China, building on new momentum in the Chinese music market. China has grown to become one of the world's leading music markets, driven by the adoption of streaming by more and more Chinese music fans. UMG is excited to continue working together with TME to continue to deliver UMG artists and their music to this rapidly growing population of passionate music consumers. Furthermore, we look forward to working with TME together on our new music label in China to develop talented artists and bring their original music to a global audience."
TC Pan, TME's Group Vice President of Content Cooperation, said, "Universal Music Group and TME are excited to share the same passion and vision when it comes to the music industry. Together we can build an international pioneering music label to produce new music loved by the younger demographic, bringing in iconic music stars, innovative music works, and more breakthrough music genres to the global music market, ultimately providing music fans in China and around the world with a spectacular music entertainment experience."
About Universal Music Group
Universal Music Group (UMG) is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries. Featuring the most comprehensive catalog of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. Universal Music Group is a Vivendi company.
For more information please visit http://www.universalmusic.com.
About Tencent Music Entertainment
Tencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music's mission is to use technology to elevate the role of music in people's lives by enabling them to create, enjoy, share and interact with music. Tencent Music's platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music.
For more information, please visit http://ir.tencentmusic.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations ContactTencent Music Entertainment Groupir@tencentmusic.com +86 (755) 8601-3388 ext. 871720
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SOURCE Tencent Music Entertainment Group
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