While Chinese regulators were placing strict control upon the country’s tech sector, local music streaming giant Tencent Music improved revenue and subscriber numbers
that Tencent Music end its exclusive licensing agreements with record labels. It could have been worse: The company was spared any massive fine, app store ban or forced sales of any of individual streaming service. Still, TME’s statement on Monday was quick to address regulators’ concerts about its market dominance by saying it “sincerely accepts the decision issued in July by the regulator pertaining to exclusive music licensing arrangements.
Ironically, the government’s claim about Tencent Music’s market power had the unintended consequence of hurting the company’s main competitor.
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