Tencent Music has bowed to the inevitable, and announced an official end to its exclusive deals with music labels. It’s a response to regulatory moves in China to crack down on the process of DSPs signing such agreements, which had already spurred Tencent Music and rival NetEase to start shifting to non-exclusive deals.
“As of August 23, 2021, our company has sent relevant letters to all upstream copyright parties that have reached exclusive agreements, informing them that they need to terminate the contracts on time,” announced Tencent Music this week. “Among them, most of the exclusive agreements have been terminated on time.”
However, not all exclusives have been ended with Tencent Music and its three streaming services: its deals with independent musicians that are shorter than three years, and include no longer than 30 days of exclusivity for new tracks, will continue.