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Benzinga
Benzinga
Business
Anusuya Lahiri

NetEase's Cloud Music Prosecutes Tencent Music

Tencent TME Nasdaq NYSE Tencent Music Entertainment Group Entertainment
  • NetEase, Inc's (NASDAQ:NTES) Cloud Music unit prosecuted Tencent Music Entertainment Group (NYSE:TME) for alleged unfair competition and plagiarizing its app design, Reuters reports.
  • Features of TME's suite of music streaming apps allowed its users to bypass copyright protection and play songs licensed by NetEase Cloud Music.
  • "We urge TME to immediately rectify its products and businesses and stop all behaviours of unfair competition," NetEase Cloud Music said.
  • In 2021, regulators charged Tencent with a penalty on anti-trust grounds and prohibited it from signing exclusive music copyright pacts, prompting it to end all such deals.
  • Price Action: TME shares traded higher by 1.23% at $4.10 premarket on the last check Wednesday.
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