Tencent Music, a streaming platform with over 700 million users, is gradually extending its reach upstream along the music industry chain with its latest move, reports The Paper.
The company, together with Sony Music, launched a new electric dance music brand, Liquid State, in Hong Kong on Wednesday.
The new brand aims to provide original content by marrying Sony Music’s expertise in publishing music albums with Tencent Music’s strength of marketing and digital services.
The two parties will set up a joint venture to operate the brand, though they didn’t disclose the shareholder ratio.
According to insiders, Tencent Music plans to extend itself to the upstream of the industry chain, such as music publishing and music artist brokerage by means of investment and cooperation.
Tencent Music owns three major music streaming platforms including QQ Music, KuGou Music and KuWo Music, occupying half of the domestic online music market.