Antitrust regulator orders Tencent Music to give up music rights of etiquette

Photo illustration of Logo of Tencent Music Entertainment (TME), a Chinese company that develops music streaming services.

Pavlo Gonchar | SOPA Images | light rocket via .

The Chinese antitrust regulator has ordered Tencent to give up its exclusive music license fees and slapped a fine on the company for anticompetitive behavior, while Beijing continues to break down down on it’s the internet giants in home.

The state administration for Market regulation (SAMR) on A fine imposed on Saturday of 500,000 yuan ($ 77,141) on the company alleging violations in its acquisition of Chinese music in 2016.

After tale acquisition, Tencent owns more 80% of exclusive music library resources, giving the company an edge over his competitors as is in able to achieve more agreements in exclusive with copyright holders, SAMR said in a declaration.

The competition watchdog has ordered Tencent and its affiliates to ensure right competition giving up its exclusivity music rights within 30 days and to terminate requirements for copyright holders to give the company better conditions than competitors, such as high prepayments.

Tencent will have to report to the SAMR on his progress every year for three years, according to the statement, and the antitrust authority will strictly supervise its implementation under the law.

In response, Tencent said it will abide by the regulator’s provisions decision and “respect with all the regulatory requirements, satisfies ours social responsibility and contribute to health competition in the market. “

It comes as Beijing continues to tighten down on it is domestic technology companies that have grown in some of the world more valuable companies. The repression in the last a few months have passed since the suspension of Ant Group’s $ 34.5 billion IPO last year, Alibaba’s $ 2.8 billion antitrust fine.

In April, the SAMR summoned 34 companies, including Tencent and ByteDance, and ordered them to conduct self-inspections. in so as to respect with anti-monopoly rules.

This is breaking down news. Please check back for updates.

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