- The stock price of Tencent Music Entertainment Group (NYSE: TME) increased by over 8% pre-market today. This is why.
The stock price of Tencent Music Entertainment Group (NYSE: TME) increased by over 8% pre-market today. Chinese technology stocks saw a broad rally today as the top leaders in the country had vowed to drive economic stimulus and speculation about an easing of the continued crackdown on Internet companies, according to Bloomberg.
The Hang Seng Tech Index increased 10% in Hong Kong, which is the most since March 16. And The Communist Party’s Politburo noted 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 with international development, and to enhance the global discovery of Chinese music, by assisting with overseas promotion and distribution.
This new service – which is called “One-Click For All” – enables musicians on the Tencent Musician Platform to distribute musical works, with one single click, to over 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 complete. In order to improve catalog management and copyright protection, TME is going to provide musicians with International Standard Recording Code (ISRC) for free, which is an identification number for music recording. In addition, musicians will have financial incentives. Every quarter, artists would receive the income generated from overseas distribution equal to up to 70% of the total, after subtracting the service fee.
To date, Tencent Musician Platform successfully helped distribute and promote more than 150,000 musical works on overseas streaming platforms, expanding the listener base by 3900%. And through 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. Hot hits like “Piu Piu Piu” by Pin Yin Shi and “Wild Motor” by Guo Gaoming have won over one million views on Youtube.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.