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China's Tencent seals exclusive music licensing deal with music firm UMG

Despite proliferation of streaming sites, China's local music industry still in its nascent stage

Reuters  |  Beijing 

Tencent Holdings, China's biggest gaming and social media firm, has reached a deal with US music firm Universal Music Group (UMG) to distribute licensed content in China. Tencent Music Entertainment Group, the Chinese firm's music subsidiary, will also own exclusive rights to sub-license UMG's content to other content providers in China, the two firms said in a statement on Tuesday. "The digital opportunity in China's music market is truly extraordinary, with over half a billion people enabled with smart phones. Our expansive new partnership with Tencent will ...

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First Published: Tue, May 16 2017. 18:37 IST