JOE McDONA LDAP Business Writer
Beijing (AP) — Internet giant Tencent has been ordered by regulators to end its exclusive contract with music copyright owners, and as Beijing tightens control of the booming online industry, antitrust and others Strengthened the enforcement of the rules.
After acquiring China Music Group in 2016, Tencent manages more than 80% of its “exclusive music library resources,” the State Market Regulatory Authority said Saturday. This will allow Tencent to get better terms than its competitors receive and limit its rivals’ ability to enter the market.
Tencent Holdings Ltd., best known abroad for WeChat messaging services, has a vast business empire that includes games, music and video. With a stock market value of $ 680 billion, it is one of the 10 most valuable listed companies in the world.
Market regulators said in a statement that Tencent must terminate its exclusive music copyright agreement within 30 days in order to “recover market competition.” The company is forbidden to require providers to offer better terms than their competitors receive.
Tencent has promised to “stick to its decisions in good faith” on its social media accounts.
Regulators are stepping up antitrust, data security, finance and other regulations enforcement on Tencent, the e-commerce giant Alibaba Group, and other companies that dominate entertainment, retail and other industries.
China’s Tencent Orders End of Exclusive Music Contract | World
Source link China’s Tencent Orders End of Exclusive Music Contract | World