SHANGHAI, Aug 31 (Reuters) – Tencent Holdings (0700.HK) has ended all exclusive music copyright agreements after Chinese regulators barred it from such deals last month, the company said on Tuesday.
Tencent said it had notified all parties involved in such agreements of the move, according to a statement published on its official WeChat account.
The company added it would continue to cooperate and engage with the parties in a non-exclusive way.
Chinese regulators have targeted Tencent and other Chinese tech giants in a widening crackdown that has focused on issues such as monopolistic behaviour, unfair competition and consumer rights. read more
The State Administration Of Market Regulation last month ordered Tencent to give up exclusive rights to music labels, saying the firm held more than 80% of exclusive music library resources which increased its leverage over upstream copyright parties and allowed it to restrict new entrants. read more
SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice. It also fined the firm.
Reporting by Brenda Goh Editing by Louise Heavens and Mark Potter
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