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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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