Tencent Music acknowledges facing higher regulatory scrutiny
Tencent Music was told by Chinese regulators to pay a fine, give up exclusive music rights and sell some music assets. Tencent Music Entertainment Group confirmed on Tuesday it is facing heightened scrutiny from Chinese regulators, adding it was “actively cooperating” with them and is committed to complying with all laws “including those related to anti-trust”. Reuters reported last month that Tencent Holdings, which controls music streaming company Tencent Music, was told by Chinese anti-trust regulators to pay a fine, give up exclusive music rights and sell some of its music assets. “In recent months, we have received increased regulatory scrutiny from relevant authorities, and have been actively cooperating and communicating with the relevant regulators,” Tony Yip, chief strategy officer of Tencent Music, told an earnings conference call. Yip declined to comment further or predict the outcome of the talks with the regulators, but said “we are committed to comply with all relevant laws and regulations, including those related to anti-trust.” Shares under pressure On Monday, Sony Music Entertainment announced digital distribution agreements with Tencent Music and NetEase Cloud Music, ending an exclusive arrangement with Tencent Music.
Tencent announces restructuring amidst introduction of tougher govt regulation
Domestic music market burgeoning thanks to IP protection[1]- Chinadaily.com.cn
Domestic music market burgeoning thanks to IP protection[1]- Chinadaily.com.cn
Discover Related
Will new rules silence India’s music boom?
Warner Music Tumbles After Results Show Streaming Slows
Streaming giants challenge new Canadian revenue-sharing rules
Spotify price rise: What is happening to the music streaming service?
Drake and Rihanna Will Return to TikTok After Universal Feud Ends
Spotify shares rally 16% after Q1 gross profit tops 1 billion euros
You Can Now Buy Shares in Music by Beyoncé or Taylor Swift
Apple fined $2 billion by EU over music streaming competition
Taylor Swift, Drake, Weeknd and other music stars to ‘exit’ TikTok, here's why
Tencent chief says gaming business under threat, catching up in AI
Netflix, Amazon, Tencent: Canopus Media Earns Trust of Global Giants
MusicMagpie cheers record Black Friday as more consumers rent phones
Tencent Video now one of world's largest streaming platforms
Tencent Video now one of world's largest streaming platforms
Gloomy mood music reigns at Hipgnosis Songs Fund after dividend ditched
Music publishers sue Twitter in US' Tennessee for allowing copyrighted songs
Music publishers sue Twitter for allowing copyrighted songs
Twitter hit with $250-million copyright infringement lawsuit from music publishers
Fair play, fair pay: The Indian music industry and royalties
Tencent revenue falls for first time since going public