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Tencent Buys Stake in Music-for-Business Firm – Variety

China’s Tencent Music has accomplished an funding in Radio Music Warehouse, a music-for-business firm that distributes content material to retailers workplaces and different workplaces.

The deal was introduced this week with few monetary phrases disclosed. One of many few particulars exhibits that Tencent has been granted the correct to extend its stake to a place of majority management.

“Radio Music has an expert music-for-business service system and complete offline protection sources. Via this funding, we’ll collectively discover music-for-business market so as to add worth to our music ecosystem,” mentioned Tony Yip, chief technique officer of Tencent Music. “TME will provide extra diversified music content material to resolve the problem of a scarcity of content material for music options to enterprise, and develop brand-new content material promotion and distribution fashions in to offer a stage for artists and high-quality work all over the place. We additionally sit up for a powerful synergy between music-for-business service and our current on-line music and social leisure companies, to convey customers a extra skilled, immersive music expertise that drives the wholesome improvement of the music-for-business business and the music business as an entire.”

Tencent Music is a part of the enormous Tencent tech group, however has had its personal share itemizing on the NASDAQ since December 2018. Tencent and Tencent Music lately accomplished the acquisition of a 10% stake in Common Music Group.

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