The State Administration for Market Regulation, China’s antitrust body, launched the investigation in January, according to Bloomberg’s sources. The firm is being looked at for its deals with music labels including Universal, Sony and Warner—three of the largest in the world. (Bloomberg)
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The State Administration for Market Regulation, China’s antitrust body, launched the investigation in January, according to Bloomberg’s sources. The firm is being looked at for its deals with music labels including Universal, Sony and Warner—three of the largest in the world. (Bloomberg)
Talking point: The outcome of this case is significant to Tencent, which has focused on dominating the Chinese music industry amid trade-war tensions that have threatened the growth of its other products. The three record labels being named in the probe sell exclusive rights to large parts of their catalogues to Tencent, which then sublicenses that content to its smaller rivals for a fee. Major Chinese firms like Alibaba, Baidu and ByteDance—which operates the app TikTok—all pay these sublicensing fees to Tencent. Music streaming is one of its only divisions to grow significantly beyond China; Tencent and Spotify, the largest streaming platform, have also made investments in each other.
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