Tencent Music Entertainment Group and Universal Music Group Extend Multi-year Strategic Licensing Agreement
Portfolio Pulse from Benzinga Newsdesk
Tencent Music Entertainment Group (NYSE:TME) and Universal Music Group have renewed their multi-year strategic licensing agreement. This deal allows TME to continue accessing UMG's music catalogue for its platforms including QQ Music, Kugou Music, Kuwo Music, and WeSing, with streaming in Dolby Atmos and HD formats.
January 03, 2024 | 9:06 am
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Tencent Music Entertainment Group has extended its licensing agreement with Universal Music Group, securing continued access to a broad music catalogue for its streaming services.
The renewal of the licensing agreement with UMG is a positive development for TME, as it ensures the company can continue to offer a wide range of music to its users, which is crucial for maintaining and growing its subscriber base. This is likely to be viewed positively by investors and could lead to a short-term uptick in TME's stock price.
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