Benzinga | Nov 9, 2021 11:31AM EST

Tencent Music, Apple Music Strike Deal - All You Need To Know

* Tencent Holdings Ltd (OTC:TCEHY) owned Tencent Music Entertainment Group (NYSE:TME) forged a deal with Apple Inc's (NASDAQ:AAPL) Apple Music.

* Now "record labels and artists" who are part of its "Music Cloud" program can distribute their works through Apple Music. The financial terms of the deal remain undisclosed.

* The global Apple Music users will soon access more Chinese musicians. The Music Cloud will serve small-time artists who lack distribution and marketing help from big record labels, TechCrunch reports.

* It's unlikely that TME will share its expensive licensed music with Apple Music; otherwise, the partnership will come with a hefty price tag.

* TME had splurged securing exclusive music licenses from Universal Music, Warner Music, and Sony Music Entertainment, collectively known as the "big three" record labels.

* However, China's antitrust crackdown on its tech industry has started to break down TME's thick walls. TME was penalized for "unfair" market practices and ordered to give up exclusive online music rights.

* Price Action: TME shares traded higher by 0.94% at $8.04 in the premarket session on the last check Tuesday.

* Photo by freestocks-photos from Pixabay