Tencent Music Entertaiment Group, Universal Music Group Renew Licensing Deal, Create Joint Venture Label In China

Extended Deal

CHINA's TENCENT MUSIC ENTERTAINMENT GROUP and UNIVERSAL MUSIC GROUP have announced a multi-year extension of their licensing agreement, including the establishment of a new joint venture music label concentrating on domestic talent in CHINA. Under the licensing agreement, TME distributes music from UMG labels and artists in CHINA on TME labels QQ MUSIC, KUGOU MUSIC and KUWO MUSIC and licenses UMG content for its online Karaoke platform, WESING, as well as other digital and streaming services.

UMG EVP/Market Development ADAM GRANITE 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."

TME CEO CUSSION PANG 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."

UNIVERSAL MUSIC GREATER CHINA Chairman/CEO SUNNY CHANG 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."

TME Group VP/Content Cooperation TC PAN added, "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."

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