Published: July 13th, 2021,
Last updated: July 13th, 2021
Tencent Music is to cede its exclusive rights to music labels. According to a report by the Reuters news agency, China’s anti-monopoly authority is preparing corresponding steps. Actions mainly involve rights in where Tencent’s music streaming service competes with smaller rivals, Reuters reports. In addition, market regulator SAMR imposed a fine of 500,000 yuan (65,000 euros) on Tencent for failing to report its acquisitions of apps Kuwo and Kugou. The penalty is much lighter than initially announced at the beginning of the year. At that time, the authorities had even considered the forced sale of the two apps in question.