(Yicai Global) Sept. 12 -- Alibaba Music Group and Tencent Music Entertainment Group jointly said today that they have reached an agreement on copyrights. The two parties will transfer their exclusive music copyright resources to each other.

Tencent Music Entertainment Group will transfer the exclusive copyright resources of millions of songs from Universal Music Group Inc., Warner Music Group Corp., Sony Music Entertainment Inc., YG Entertainment Inc. [KOSDAQ: 122870], JVR Music International Ltd., Loen Entertainment Inc. [KOSDAQ:016170] and others to Alibaba Music. Alibaba Music will provide Tencent Music Entertainment the exclusive music copyrights to works from Rock Records Co., HIM International Music Inc. [TWO:8446], Media Asia Group Holdings Ltd. [HK:8075] and others, Sina Technology reported.

Under this cooperation, Alibaba Music Group's Xiami Music and Tencent Music Entertainment Group's QQ Music, Kugou Music and Kuwo Music platforms will share music copyrights.

Cooperation on copyright transfer may promote the progress of protected music in the industry and inspire musicians to create better music.

Alibaba Music Group and Tencent Music Entertainment Group are music platforms under Alibaba Group Holding Ltd. [NYSE:BABA] and Tencent Holdings Ltd. [HK:0700], respectively.