A pioneer and leading online music entertainment service in China, TME has concluded its first strategic cooperation agreement with Merlin in 2018. The Chancellor unveiled details of the Merlin project – an agreement between the government and the UK`s four largest banks. Merlin, one of the world`s leading digital rights agencies for independent labels, has licensed music to companies such as Spotify, YouTube and SoundCloud. Its members include labels such as Mad Decent, Better Noise and AWAL. The Merlin deal is the first time TikTok has announced a big musical deal since its explosion in popularity; Access to a larger library gives TikTok a competitive advantage over other music platforms. TikTok is in the process of negotiating new agreements with major labels, which will probably be much more expensive as it develops. The Merlin project was announced on 9 February 2011 by Chancellor of the Exchequer George Osborne. As part of the agreement, banks will lend some $190 billion in 2011 to companies – including $76 billion to small businesses – that have reduced bonuses and disclosed certain salary details of their high salaries. The Bank of England will monitor the achievement of credit targets. That was in addition to the government, which increased its bank tax to $2.5 billion in 2011 – bringing in an additional $800 million. HSBC, Barclays, Royal Bank of Scotland (RBS) and Lloyds Banking Group signed the Project Merlin agreement, while Santander approved the credit parts of the agreement. Other commitments include $200 million in capital to David Cameron`s Big Society Bank, which will fund community projects.  Project Merlin is an agreement between David Cameron`s UK government and four of the UK`s largest high street banks.
These banks are Barclays, Lloyds Banking Group, Royal Bank of Scotland and HSBC. The agreement covers aspects of banking activity, including credit, payment and bonuses, with the aim of encouraging business lending, particularly small businesses, reducing the level of bankers` bonuses and promoting transparency in executive compensation. The agreement was reached on February 9, 2011. Merlin:Dawn Kamerling, The Press HouseEmail: [email protected] The Merlin agreement was the result of negotiations between the banks and the government on a number of issues. His intention was a combination of “peace talks” and “reparations.” Banks wanted a more normal relationship with the government (and the public). The government wanted a sign of a renewed commitment of the banks to the common good, reflecting the public support that was given to them during the crisis and since then. Banks have provided approximately $200 million to support the creation of Big Society Capital. As part of the agreement, Merlin will also license TME`s social community, WeSing, a dynamic online karaoke service in China. Through this collaboration, Tencent users will benefit from Merlin`s diverse repertoire for a richer music experience. In addition, Merlin`s renewed partnership will continue to include TME`s QQ Music, KuGuo and Kuwo music streaming services.
SHENZHEN, China, November 2, 2020 /PRNewswire/ — Tencent Music Entertainment Group (Tencent Music or TME, NYSE: TME), China`s leading online music entertainment platform, and Merlin, the world`s global digital rights agency for independents, jointly announced that the two sides have renewed their licensing and cooperation agreements for several years.