Chinese streaming music service MIUI Muisc announced that it has launched a strategic partnership with Taihe Music Group (TME) , which includes a copyright licensing agreement, ticketing business and fandom operation.
With a catalogue of 600,000 songs including some foreign language hits, Taihe Music is one of the major labels in China mainland, Taiwan and Hongkong, and even has some impact in Malaysia and Singapore. In December 2015, Taihe Music Group merged with Baidu Music, and the new company now serves around 400 million registered users in China.
On the other hand, the Chinese smartphone maker affiliated music service has already made similar deals with Warner Music and Taiwan-based The Rock Music last year, also covers more than 30 other labels in total. Given its strong smartphone sales, the userbase of MIUI Music has been rapidly growing. As a main component of its eco-system, MIUI Music has been working on its consumer experience and cultivating a decent platform, the partnership with TMG is also an attempt on expanding its music pool. Moreover, the deal doesn’t only limit to copyrights licensing. Revealed by the joint statement, MIUI Music would help TMG in artists promotion and music marketing, and make targeting recommendations to its users based on data it’s collected.
Last year, Xiaomi re-entered top 5 smartphone markers in China, and it topped in Indian market with several popular devices. According to Bloomberg, Xiaomi is planning a Hongkong IPO this year with a valuation of 200 billion US dollars. The company achieved a profitability of RMB7.582 billion yuan (roughly 1.2 billion dollars) in 2017, and expects to obtain 17.6 billion US dollars in 2018. Statistically, the profit in its internet services business has been increased significantly, by 2019, this part will surpass the hardware revenue.
After years of development, Taihe Music Group now implements its business in different industries. Its portfolio doesn’t only cover the major labels such as Taihe Rye Music, Ocean Butterflies International, Touch Music, Asia Muse Entertainment Group and the well-known indie music label Maybe Mars Records, also owns some online assets like podcast service LavaRadio, streaming music service Baidu Music and ticketing service ShowStart.
Owing to the help of Taihe Music Group, Xiaomi now has a better bet on its services, and would be more competitive in the tough competition of smartphone market.
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