SHENZHEN, China, April 27, 2020 /PRNewswire/ -- Tencent Music Entertainment (TME) (NYSE: TME) announced it has completed an equity investment in Radio Music Warehouse, a leading music company that provides music streaming solutions to business use in China, on April 27. TME has also obtained a right to further increase its shareholdings to controlling stake in the company. Upon completion of the transaction, TME will provide Radio Music with access to a rich and diversified music library to meet the personalized demands of its customers. At the same time, TME will promote and distribute its high quality music content, via the hundreds of thousand offline spots in China that is using Radio Music's in-store music solutions.
Through business investments and other methods, TME is contributing to the recovery of normal business operations in China from the COVID-19 pandemic.
"Radio Music has a professional music-for-business service system and comprehensive offline coverage resources. Through this investment, we will jointly explore music-for-business market to add value to our music ecosystem," said Tony Yip, Chief Strategy Officer of TME. "TME will offer more diversified music content to resolve the challenge of a shortage of content for music solutions to business, and develop brand-new content promotion and distribution models in to provide a stage for artists and high-quality work everywhere. We also look forward to a strong synergy between music-for-business service and our existing online music and social entertainment services, to bring users a more professional, immersive music experience that drives the healthy development of the music-for-business industry and the music industry as a whole. "
SOURCE Tencent Music Entertainment Group