Tencent Music And Universal Music Group Solidify Partnership With Renewed Multi-Year Licensing Deal

Tencent Music Entertainment Group ("TME" or the "Company") (NYSE: TME and HKEX: 1698), the foremost online music and audio entertainment platform in China, and Universal Music Group ("UMG"), the world's premier music-based entertainment company, have announced the renewal of their multi-year strategic licensing agreement. This reaffirms their joint commitment to providing value for artists and delivering exceptional experiences for music enthusiasts.

As per the renewed agreement, TME retains access to UMG's extensive music catalog for QQ Music, Kugou Music, Kuwo Music, and WeSing. This expansive collaboration encompasses music streaming in Dolby Atmos and high-definition (HD) formats.

Cussion Pang, Executive Chairman of TME, expressed, "UMG has been a vital ecosystem partner to TME, fostering deep mutual trust. Our diverse user base, substantial subscriber numbers, industry insights, and cutting-edge technologies position us as a preferred partner. With a shared dedication to music, we anticipate further enhancing our collaboration, fortifying our dynamic ecosystem for mutual growth and prosperity."

Adam Granite, UMG's EVP of Market Development, commented, "We are delighted to extend our licensing agreement with TME for the Chinese market. With our renewed emphasis on discovering and supporting the finest talent across Greater China, we anticipate collaborating with TME to create compelling new experiences for fans across all TME platforms and expanding opportunities for UMG's artists in China."

TC Pan, TME's Group Vice President and Head of Content Cooperation Business, added, "Our commitment is to provide users with the most comprehensive music content across diverse scenarios on our platform. Collaborating closely with UMG, we aim to explore innovative ways to facilitate artist-fan interactions and unleash artists' creativity."

Timothy Xu, Chairman and CEO of Universal Music Greater China, expressed delight in extending the relationship with TME, emphasizing their joint efforts to create new opportunities for UMG's artists to connect with millions of dedicated music fans in China. The partnership will continue to bring the best in music to these passionate consumers, exploring avenues to enhance their listening experiences.