Major music groups agree to renew agreement

The renewal of multiyear strategic licensing agreement between Universal Music Group and Tencent Music Entertainment Group was announced. The deal allows Tencent Music Entertainment Group — the leading online music platform in China — to continue to have access to Universal Music Group's catalog for its online platforms, including QQ Music, Kugou Music, Kuwo Music, and WeSing.

The partnership also focuses on signing and supporting the best talent in China and includes music streaming in Dolby Atmos and high-definition formats.

"By extending our relationship with Tencent Music Entertainment Group, we will be able to create new opportunities for our artists and connect with more music fans in China," said Timothy Xu, chairman and CEO, Universal Music Group's China division.

"The partnership will help to build up an ecosystem for the music scene. We look forward to enriching our cooperation and strengthening our vibrant ecosystem to promote growth and prosperity," added Cussion Pang, executive chairman of Tencent Music Entertainment Group.