- NetEase, Inc's NTES Cloud Music unit prosecuted Tencent Music Entertainment Group 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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