Chinese streaming service provider QQ Music is one of the most successful companies riding the current digital music boom. (Photo : YouTube)
Chinese music behemoths - Kugou Music and Kuwo Music - have signed a mutual licensing agreement with QQ Music in Jan. 15 to exchange music copyrights for over one million songs.
Kugou and Kuwo belong to Ocean Music group, while QQ Music is a part of Chinese Internet giant Tencent. Under licensing agreement, both companies have agreed to exchange copyrights over songs that are exclusively distributed by them. However, financial terms of this deal are yet to be disclosed.
China Music Business News reported that under Jan. 15 agreement, Kugou Music and Kuwo Music shall acquire over one billion songs that are exclusively distributed by QQ Music in mainland China. This list includes music of Sony Music, Warner Music, Linfair Records and JVR Music.
In return, QQ Music shall attain copyrights over songs that are distributed by Kugou Music and Kuwo Music. They are distributors of songs from Seed Music, EMI, Taihe Rye Music and Ocean Butterflies in mainland China. Kugou Music and Kuwo Music had earlier attained exclusive copyrights over songs released by 100 such record companies.
Meanwhile, China Tech News reported that the present agreement is in keeping with past trends established by Kugou Music and Kuwo Music. They had entered into co-operation agreements over copyrights with multiple entities in the past. These include record companies, copyright institutions and management bodies in China and abroad. The duo's copyright co-operation is estimated at 90 percent of record companies and individual artists, which comes down to around 20 million licenses.
Speaking to China Music Business News, officials at Kugou Music and Kuwo Music have said that they intend to improve development and progress of music industry in China through sub-licensing. China Music Business News reported that in backdrop of Jan. 15 deal, an agreement of sub-licensing between QQ Music and Xiami Todd could be predicted.
