Tencent Music, Apple Music Strike Deal—All You Need to Know

By Benzinga
November 9, 2021 Updated: November 10, 2021

Tencent Holdings Ltd. owned Tencent Music Entertainment Group forged a deal with Apple Inc.’s Apple Music.

Now “record labels and artists” who are part of its “Music Cloud” program can distribute their works through Apple Music. The financial terms of the deal remain undisclosed.

The global Apple Music users will soon access more Chinese musicians. The Music Cloud will serve small-time artists who lack distribution and marketing help from big record labels, TechCrunch reports.

It’s unlikely that TME will share its expensive licensed music with Apple Music; otherwise, the partnership will come with a hefty price tag.

TME had splurged securing exclusive music licenses from Universal Music, Warner Music, and Sony Music Entertainment, collectively known as the “big three” record labels.

However, China’s antitrust crackdown on its tech industry has started to break down TME’s thick walls. TME was penalized for “unfair” market practices and ordered to give up exclusive online music rights.

Price Action

TME shares traded higher by 0.25 percent at $7.98 in the premarket session on the last check Tuesday.

By Anusuya Lahiri 

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.