Tencent Music Entertainment Group (NYSE:TME) and Warner Music Group Corp (NASDAQ:WMG) have agreed to establish a new joint venture record label in China, the two companies said as they also announced an expanded multi-year strategic licensing agreement.
TME, an online music entertainment platform in China, and Warner Music have been working together since their original agreement more than a decade ago.
“Our collaboration with TME has already delivered tremendous results for local and international artists, and now we’re opening up even more opportunities together,” said Simon Robson, president, international, Warner Recorded Music, WMG.
“Alongside our increased investment in artist & repertoire and marketing in Greater China, this renewed and expanded partnership means we can help make our artists impossible to ignore in one of the world’s fastest-expanding music markets.”
TME will continue to make Warner Music’s repertoire available across all its online music platforms in mainland China as well as its live streaming platforms and WeSing, its online karaoke platform.
Warner Music’s repertoire will also be made available, via TME’s online music platforms, on certain designated connected devices, such as in-car audio systems, in mainland China.