TOKYO (dpa-AFX) - NetEase, Inc.'s (NTES) music streaming unit NetEase Cloud Music announced on Friday that it has entered into a strategic multi-year licensing agreement with Sony Music Entertainment, a unit of Sony Group Corp. (SONY), expanding a long-standing partnership between the two companies.
The company said the agreement would continue to bring Sony Music's catalog to listeners in China while broadening cooperation in music content, artist promotion and cultural exchange.
NetEase Cloud Music said the renewed partnership would combine Sony Music's global music catalog with its digital music services and community platform in China.
Sony Music's catalog includes international artists across multiple genres as well as Chinese-language, Japanese and South Korean artists, the company said.
On the Nasdaq, shares of NetEase were losing 0.28% at $122.29.
Shares of Sony Group were up 1.97% at $27.18.
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