China’s Tencent Music Leisure has entered right into a strategic cooperation settlement with Thailand’s GMM Grammy. The transfer “represents a profitable joint exploration of the Asian digital music leisure market by each side,” the businesses stated.
It should lean considerably on TME’s WeSing on-line karaoke social neighborhood, and permit co-creation of content material by the use of adaptation and covers.
GMM Grammy is the most important music firm in Thailand, with a greater than 80% market share. It’s the label behind artistis together with Chook Thongchai, Bie Sukrit, Christina Aguilar who’ve every bought greater than 1 million items within the nation. It additionally represents performers reminiscent of Bodyslam, Potato, Cocktail, Getsunova, Peck Palitchoke, Palmy, Atom, MeYou and Pam MBO who’re acquainted to Chinese language followers. GMM additionally has a foothold in movie and tv broadcasting.
TME, which is backed by Tencent and is listed on the New York Inventory Trade, is China’s largest on-line music firm. Its companies vary from music streaming to social music features, together with WeSing. It has entered earlier strategic agreements with abroad labels together with Japan’s Being and South Korea’s JYP, SM and YG. It has additionally launched the works of abroad musicians Takuya Kimura, Arashii and Blackpink to Chinese language music shoppers.
“This partnership will combine the power of each events. Leveraging the communication platform constructed by WeSing, GMM Grammy goals to increase our music content material library and increase consumer interplay to broaden our imaginative and prescient in digital music leisure,” stated Phawit Chitrakorn, CEO of GMM Music at GMM Grammy.
“The strategic cooperation between TME and GMM Grammy goals at ensuring Thai music leisure tradition represented by GMM Grammy is beloved by increasingly Chinese language shoppers. Via this cooperation, TME hopes to construct a music ‘habitat’ for followers of Thai tradition,” stated an unnamed spokesman for TME in a ready assertion.