Tencent Music Entertainment Group and Sony Music Entertainment jointly announced the renewal of a long-term copyright cooperation license agreement.
TME will continue to distribute SME’s global music library on its online music platforms such as QQ Music, Kugou Music, and Kuwo Music, as well as social entertainment platforms including the online K song platform Quanmin K song . At the same time, the online music platform under TME will also provide users in mainland China with SME music library content through specific smart terminal devices such as smart speakers, TVs and car music systems.
Naijatechnews learned that Tencent Music today announced its unaudited financial report for the first quarter of fiscal year 2021 as of March 31. According to the report, Tencent Music’s total revenue in the first quarter was RMB 7.82 billion (approximately US$ 1.19 billion), an increase of RMB 1.51 billion compared to RMB 6.31 billion in the same period last year, a year-on-year increase of 24.0%; attributable to the company Shareholders’ net profit was RMB 926 million (approximately US$141 million), an increase of 4% compared to RMB 887 million in the same period last year.
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