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Tencent shares decline following China’s clampdown on music rights
(MENAFN)
Shares in Tencent have declined after China asked the technology giant to cancel exclusive music licensing agreements with record labels acorss the globe.
The attempt seeks to deal with the firm’s dominance of online music streaming in the nation.
It was also charged 500,000 yuan (USD77,120) for unjust procedures in the online music market.
Tencent runs over 80 percent of the Chinese exclusive music streaming rights after an attainment in 2016.
Shares in Tencent have declined after China asked the technology giant to cancel exclusive music licensing agreements with record labels acorss the globe.
The attempt seeks to deal with the firm’s dominance of online music streaming in the nation.
It was also charged 500,000 yuan (USD77,120) for unjust procedures in the online music market.
Tencent runs over 80 percent of the Chinese exclusive music streaming rights after an attainment in 2016.
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