Maoyan Entertainment (HKEX: 01896) announced Tuesday that it will enhance its presence in the music industry by cooperating with Tencent Music Entertainment Group (NYSE: TME).
The platform providing innovative Internet-empowered entertainment services in China said the corporation with TIME's Uni Chart will combine Uni Chart’s market data and analytics services on the Maoyan Pro App.
Uni Chart, a leading Chinese music ranking launched by TME in 2018, provides a broad range of real-time data from TME's music platforms, the company reported in today’s announcement.
The partnership with TME represents a deepening of the cooperation between Maoyan and Tencent Group since their strategic alliance was launched in July last year. In addition to incorporating music charts, Maoyan said the company and TME are also cooperating at the product level.
"Maoyan is opening up its platform capabilities to its strategic shareholder Tencent and other partners to drive and promote the growth of the entertainment market together," said Zheng Zhihao, the chief executive officer of Maoyan at the company's comprehensive growth strategy press conference in July last year.
Maoyan has grown from an online movie ticketing service provider to an innovative one-stop platform for entertainment services. The company claims to have a comprehensive strategy to become a leading platform, servicing the entire entertainment industry in China.
Shares of Maoyan closed at HK$13.06 on Tuesday.