UMG and Tencent Music Renew Multi-Year Licensing Pact
Written by djfrosty on January 3, 2024
Universal Music Group and Tencent Music Entertainment have renewed their multi-year licensing agreement, the companies announced on Wednesday (Jan. 3). Under the renewed agreement between TME and UMG — first signed in May 2017 — Tencent will continue to distribute UMG content on its associated streaming platforms QQ Music, Kogou Music and Kuwo Music, as well as the karaoke platform WeSing.
The expansive partnership also includes music streaming in Dolby Atmos and high-definition formats, according to the announcement. The companies last renewed their licensing pact in 2020, when it also launched a joint venture music label to develop, produce and showcase Chinese artists.
TME’s majority owner, Tencent, also leads Concerto Partners, a consortium that owns a combined 19.92% stake in UMG.
Timothy Xu, chairman and CEO of 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.”
TME executive chairman Cussion Pang added, “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.”