Tencent Music Entertainment Group and peermusic Reach Exclusive Digital Licensing Deal in China

Rhea-AI Summary

Tencent Music Entertainment Group (TME, NYSE: TME) and peermusic have formed an exclusive digital licensing agreement to distribute peermusic's catalog in China. This partnership allows TME users access to a diverse array of tracks from iconic artists such as Rihanna, Justin Bieber, and The Rolling Stones via TME's platforms, including QQ Music and Kugou Music. The collaboration aims to enhance TME's extensive global music offerings and represents a significant step in peermusic's growth strategy in the Chinese market, which has been a focus since establishing its office there in 2015.

Positive

• Exclusive licensing agreement with peermusic enhances content offerings for TME users.
• Access to a diverse catalog including songs from renowned artists boosts TME's market positioning.

Negative

• None.

SHENZHEN, China, Nov. 3, 2020 /PRNewswire/ -- Tencent Music Entertainment Group (Tencent Music or TME, NYSE: TME), the leading online music entertainment platform in China, and peermusic today announced that they have reached an exclusive digital licensing agreement to promote and distribute peermusic's publishing catalog in China. TME's users will be able to access the catalog through TME's streaming platform and other local digital platforms, which include QQ Music, Kugou Music, Kuwo Music, and WeSing. 

The catalog from peermusic, one of the world's largest independent music publishers, includes songs from a wide pool of artists, ranging from Jimmie Rodgers, Buddy Holly and The Rolling Stones to Rihanna, Beyonce and Justin Bieber. Music artists and producers under the peermusic roster also include the likes of Hamshore Tang, Lee Shih Shiong, Lee Wei Shiong, David Foster, Salaam Remi, Maxim from the Prodigy, Poo Bear, and De la Ghetto, as well as a host of notable film/TV composers and sub-publishing collaborations with Concord, BMG, Big Deal, and Anthem.

"TME seeks the best global content partners as part of our commitment to bringing the highest quality and most comprehensive global music catalog to consumers. peermusic's long and impressive track record of success as the largest independent music publisher in the world, whose catalogs include some of the music industry's greatest songwriters, makes them an ideal partner for us. We are happy to be able to provide that music for the enjoyment of fans throughout China," said an official director of Tencent Music Entertainment Group.

China has long been a central focus for peermusic's global operations, and the company has seen rapid growth since setting up its first China office in 2015. peermusic was the first global independent publisher in mainland China, and was also the first Western independent publishing company to directly sign Chinese writers through a successful joint venture.

"Nobody brings music to more people in China than TME, and we are thrilled that peermusic's unparalleled catalog and roster of artists and songwriters will now reach hundreds of millions of listeners in China. This deal is a huge win for our clients, and the Chinese market remains a big part of peermusic's plans for investment and growth into the future," said Spencer Lee, Asia Pacific President, peermusic.

The key partnership between TME and peermusic enables both companies to leverage their unique market experience and respective strengths, with the ultimate goal of bringing more music to audiences in China.

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. TME'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. TME'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.

About peermusic:

Founded by Ralph S. Peer in 1928, peermusic is the world's largest global independent publishing company and operates 35 offices in 30 countries. With well over a half a million titles in the company's catalogue, and songs that vary from country, blues, jazz and pop to Latin, concert and rock'n'roll, peermusic is the largest privately owned company of its kind in the world. For further information about peermusic, go to www.peermusic.com. For breaking news updates, behind-the-scenes information and photos, follow @peermusic on Twitter, Instagram and Snapchat.

Media Contacts: 
Edmond Lococo, ICR Inc.
e-mail: TME.PR@icrinc.com
Phone: +86 138-1079-1408

 

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SOURCE Tencent Music Entertainment

FAQ

What is the significance of the TME and peermusic agreement?

The agreement allows TME to distribute peermusic's extensive music catalog in China, enhancing their content offerings.

Which platforms will TME use to distribute peermusic's catalog?

peermusic's catalog will be accessible through TME's platforms including QQ Music, Kugou Music, Kuwo Music, and WeSing.

When was the partnership between TME and peermusic announced?

The partnership was announced on November 3, 2020.

What types of artists are included in the peermusic catalog?

The catalog includes songs from artists like Rihanna, Justin Bieber, Buddy Holly, and The Rolling Stones.

What is the goal of the TME and peermusic collaboration?

The collaboration aims to leverage both companies' strengths to bring more music to audiences in China.