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MarketScreener Homepage  >  Equities  >  Nyse  >  Tencent Music Entertainment Group    TME

TENCENT MUSIC ENTERTAINMENT GROUP

(TME)
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Tencent Music Entertainment Group : Enters Strategic Partnership with GMM Grammy

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08/17/2020 | 12:01am EDT

SHENZHEN, China, Aug. 16, 2020 /PRNewswire/ -- Tencent Music Entertainment (TME) (NYSE: TME) announced that it has established a strategic partnership with Thailand's largest international record and publishing company, GMM Grammy (GMM Music), which will have music content at its core, co-create content by means of adaptation and covers, and will focus on creating a richer music entertainment experience for global music fans.

With the help of WeSing, TME's international online Karaoke social community, the partnership will bring a more diverse music entertainment experience and interactive play to music fans in Southeast Asia, and also tap the greater potential of the music markets in China and Thailand.

The partnership between TME, a pioneer and leader of China's online music entertainment, and GMM Grammy not only marks TME's deeper entry into international distribution in Southeast Asia, but also represents a successful joint exploration of the Asian digital music entertainment market by both sides. At the same time, the partnership accumulates the experience of Chinese music products going overseas, and will have a positive impact on promoting exchanges and cooperation across the global music industry.

"This partnership will integrate the strength of both parties. Leveraging the communication platform built by WeSing, GMM Grammy aims to extend our music content library and expand user interaction to broaden our vision in digital music entertainment," said Phawit Chitrakorn, Chief Executive Officer of GMM Music at GMM Grammy Public Company Limited.

As the largest record and publishing company in Thailand, GMM Grammy has more than 80% of the music and entertainment market share in Thailand, including 1-Million-record-sold artists such as Bird Thongchai, Bie Sukrit, Christina Aguilar and also other well-known performers such as Bodyslam, Potato, Cocktail, Getsunova, Peck Palitchoke, Palmy, Atom, MeYou and Pam MBO that have become familiar to Chinese fans. In recent years, GMM has entered the fields of film and television broadcasting and talent management, and its influence has been growing yearly in Southeast Asia, also gaining many Chinese fans as well.

An official director of TME said, "TME has more than 800 million monthly active users, a mature digital music content promotion ability, and a deep understanding of user preferences. The strategic cooperation between TME and GMM Grammy aims at making sure the Thai music entertainment culture represented by GMM Grammy is loved by more and more Chinese consumers. Through this cooperation, TME hopes to build a music 'habitat' for fans of Thai culture."

In recent years, TME has been committed to bringing overseas high-quality music content into China in a digital way. TME has already entered into strategic cooperation agreements with famous overseas labels such as Japan's Being and South Korea's JYP, SM and YG, as well introducing the works of top overseas musicians such as Takuya Kimura, ARASHI and BLACKPINK to meet the needs of users from the mainstream to niche.

With the deepening of its international presence, TME will also explore more forms of music content expression on the basis of copyright cooperation, helping overseas high-quality content enter China, and fully promoting the exchange and integration of Chinese and overseas music culture.

About Tencent Music Entertainment

Tencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to use technology to elevate the role of music in people's lives by enabling them to create, enjoy, share and interact with music. TME's platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music.

For more information, please visit https://www.tencentmusic.com/.

Media Contact:

Edmond Lococo, ICR Inc.

e-mail: TME.PR@icrinc.com

Phone: +86 138 1079 1408

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View original content:http://www.prnewswire.com/news-releases/tencent-music-entertainment-group-enters-strategic-partnership-with-gmm-grammy-301112941.html

SOURCE Tencent Music Entertainment Group

© PRNewswire 2020

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