Tencent’s grip on music streaming in China weakens after NetEase-Universal deal

//Tencent’s grip on music streaming in China weakens after NetEase-Universal deal

Tencent’s grip on music streaming in China weakens after NetEase-Universal deal

NetEase struck a deal to license songs from Universal Music Group for the first time, a move that will further Beijing’s effort to dismantle Tencent Holdings’ commanding lead in Chinese music-streaming services.The world’s biggest music company said it has agreed to license tunes to both Tencent Music Entertainment Group and closest rival NetEase, ending an exclusive arrangement with China’s dominant music-streaming platform. Tencent Music’s shares dropped 2 per cent in New York, but its parent…

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2020-08-11T05:47:26+00:00 August 11th, 2020|Technology|Comments Off on Tencent’s grip on music streaming in China weakens after NetEase-Universal deal