CNBC reports
- The State Administration for Market Regulation on Saturday ordered Tencent to give up its exclusive music licensing rights and slapped a fine on the company for anti-competitive behavior.
- The competition watchdog ordered Tencent and its affiliates to relinquish its exclusive music rights within 30 days, and to end requirements for copyright holders to grant the company better treatment than to its competitors.
- In response, Tencent said it will “comply with all the regulatory requirements, fulfill our social responsibilities and contribute to healthy competition in the market.”
China’s antitrust regulator has ordered Tencent to give up its exclusive music licensing rights and slapped a fine on the company for anti-competitive behavior, as Beijing continues to crack down on its internet giants at home.
The State Administration for Market Regulation (SAMR) on Saturday imposed a fine of 500,000 yuan ($77,141) on the company citing violations in its acquisition of China Music in 2016.
Following that acquisition, Tencent owns more than 80% of exclusive music library resources, giving the company an advantage over its competitors as it is able to reach more exclusive deals with copyright holders, SAMR said in a statement.
