Tencent Music and Japanese animation film studio CoMix Wave Films (CWF) have closed a major anime soundtrack agreement.
Tencent Music unveiled the “strategic partnership” in an email to Digital Music News. Emphasizing CoMix Wave’s prominence in the Japanese market and quickly growing international appeal, the announcement indicated that the company’s official soundtracks will debut on Tencent Music’s Chinese streaming services.
Additionally, it was noted that the CoMix Wave deal is part of an ongoing effort on Tencent Music’s end to develop an “international content ecosystem.” In doing so, Tencent Music “plans to work with CWF and other partners to build a global multicultural digital music and entertainment” library within its platforms. Specifics pertaining to the next steps of this ambitious growth plan weren’t disclosed – nor were the CoMix Wave contract’s nuances – but the partnership will presumably cover the studio’s future films.
The release also reiterated that Tencent Music, which is partially owned by Chinese conglomerate Tencent and which trades on the New York Stock Exchange, has inked deals with the Big Three record labels (and other companies) to expand both its domestic appeal and worldwide reach.
Addressing the new partnership, CoMix Wave Films officials stated: “TME has over 800 million monthly active users across several leading Chinese digital music and entertainment platforms, each of which boasts a huge user base of young people that offers a great environment to provide a deeper understanding of Japanese culture as embodied by music. … CWF expects to offer animated music fans a diversified lineup of content and experiences, unleashing the unlimited power of music.”
On the day, Tencent Music’s stock, bought and sold under the symbol TME, climbed nearly six percent, with shares gaining 80 cents apiece and trading for $14.15 as the market closed. At the time of this writing, after-hours trading had brought about a small additional gain to the stock.
In May, DMN was first to report that despite recording increases in earnings and subscribers, Tencent Music missed its Q1 2020 revenue estimate and, in turn, failed to impress Wall Street. Investors’ sentiment has apparently changed in the interim – likely due in part to the company’s buying over five percent of Warner Music Group’s Class A stock – as shares have hiked more than 20 percent since the corresponding earnings report’s delivery.
Additionally. TME’s per-share price has grown approximately 53 percent from the low it touched during the domestic onset of the COVID-19 crisis.