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China exclusive president Music sign licensing and China

Sony Music Breaks From Exclusive China Licensing Agreement to Sign with Both Tencent and NetEase

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variety.com
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Rebecca Davis editorSony Music Entertainment (SME) said Monday that it has signed both a new direct China digital distribution deal with NetEase Cloud Music and a multi-year extension of its existing agreement with Tencent Music Entertainment (TME).Sony’s NetEase deal is the latest to shift power away from TME in China’s streaming industry and make the space slightly more competitive.

It comes amidst a government antitrust probe of TME and its parent company Tencent Group. TME announced its quarterly results on Monday and acknowledged that regulators are taking a growing interest in its business.For years, TME elbowed out competitors with exclusive digital distribution contracts with the three major labels, Universal, Warner and Sony.

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