- Tencent Music Entertainment Group’s (NYSE:TME) stock price rose more than 8% ahead of market today. That is why.
Tencent Music Entertainment Group’s (NYSE:TME) stock price rose more than 8% ahead of market today. Chinese tech stocks rallied broadly today as the country’s top leaders pledged to stimulate the economy and speculate on an easing of the ongoing crackdown on internet companies, according to Bloomberg.
The Hang Seng Tech index rose 10% in Hong Kong, the highest since March 16. And the Communist Party’s Politburo noted that authorities will unveil specific measures to support the healthy and normal development of the platform economy. After the Labor Day holiday, the Chinese government is planning a symposium with “Big Tech”.
Tencent Music Entertainment also announced a new service on the Tencent Musician platform to support Chinese musicians in their international development and to enhance the global discovery of Chinese music, helping with overseas promotion and distribution.
This new service – which is called “One-Click For All” – allows musicians on the Tencent Musician platform to distribute musical works, with a single click, on more than 150 popular global platforms, including Spotify, KKBOX, YouTube, Apple Music and others. that cover audiences around the world in more than 200 countries and regions. And the distribution process will take seven working days. To improve catalog management and copyright protection, TME will provide musicians with the International Standard Recording Code (ISRC), which is an identification number for music recording, free of charge. In addition, the musicians will have financial incentives. Each quarter, artists would receive revenue generated from overseas distribution up to 70% of the total, after subtracting service fees.
To date, Tencent Musician Platform has successfully contributed to the distribution and promotion of more than 150,000 musical works on overseas streaming platforms, expanding the listener base by 3,900%. And thanks to the partnership with Apple Music established in November 2021, Tencent musicians such as Liu Shuang, Akini JING, Joysaaaa and SARRA have been promoted to international audiences through Apple Music. Hits like Pin Yin Shi’s “Piu Piu Piu” and Guo Gaoming’s “Wild Motor” have garnered over a million views on Youtube.
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