Tencent Music is increasing its dominance of China’s music-streaming industry ahead of a rumoured $10bn IPO by sealing a deal with Alibaba.
The deal, announced Tuesday morning by Tencent, gives Alibaba the right to stream music from some of Tencent’s exclusive deals with international music labels such as Sony and Universal Music, in exchange for reciprocal rights to Alibaba’s catalogue of Chinese and Japanese classics
“This [deal] is good news for Tencent Music’s expected IPO,” said Xie Pu, a technology columnist.
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