(Yicai Global) Aug. 14 -- Chinese music streamer Tencent Music Entertainment Group will partner with five international record labels to bring a mass of high-quality content from the US, Europe, Japan, Korea and Southeast Asia to Tencent Music's platforms, it announced yesterday, just after it renewed its contract with Santa Monica, California-headquartered global music and recording giant Universal Music Group for several years.

Tencent Music under Shenzhen-based tech titan Tencent Holdings struck the deals with London-based record company Kobalt Music, UK independent record label Cooking Vinyl, Genie Music, which is one of the largest South Korean companies that specialize in production and distribution of music content, GMM Grammy Public Company, Thailand's biggest media conglomerate and entertainment company, and Chinese variety show giant Mango TV, which also provides video- and music -streaming, Tencent Music announced yesterday on its official WeChat account.

The firm’s shares [NYSE:TME] closed down 3.41 percent at USD14.72 yesterday.

All of these companies' content will be available on the company’s QQ Music, Kugou and Kuwo platforms, and its music-themed WeSing karaoke app, Tencent Music added in the statement.

The firm renewed its partnership with Universal Music Group for several years and they will also team up to set up a joint-venture music label, Tencent Music disclosed in the annual report it released on Aug. 10. This expands its collaboration with the globally-renowned record company since they jointly launched Liquid State with Sony Music Entertainment in January 2018.

Tencent Music achieved USD981 million in second-quarter business revenue in a yearly rise of 17.5 percent, with net profit up 1 percent to USD133 million on a sharp spike in income from music subscriptions and digital album sales. The ranks of subscribers to its online music streaming services more than doubled from last year to 47.1 million, with the average take per subscriber up 8.1 percent annually.

Editor: Ben Armour