BEIJING, China (CelebrityAccess) — Tencent Music Entertainment Group has made a “strategic investment” in DNV Music Group’s music streaming service Douban FM.
The deal will see Tencent Music Entertainment collaborate in a revamp of Douban FM, including the launch of the latest version of the software and its return to the domestic Chinese streaming market, the company said.
Douban FM was launched in 2009 as one of the earliest music streaming media in China, and the first radio-based streaming media based on algorithms recommendations for users, ala Pandora.
The service was folded into DNV Music Group when it launched in early 2018 as part of the reorganization of V.Fine Music and Douban Music.
It is expected that Tencent’s participation with Douban will strengthen the service’s music catalog and will help to fund further development for the platform.
“Content, products, services and teams are very important for music streaming. Thanks to TME and Yuxin Capital for their very important support in terms of copyright, products and funds. We are confident that after the 6.0 version is launched, Douban FM will return top tier of domestic [Chinese] music streaming, and we will continue to better serve musicians and bring better listening and experience to music lovers.” DNV Music Group CEO Tang Ziyu said.