DNV Music Group's music streaming product Douban FM recently announced that they received strategic investments from Tencent Music Entertainment Group and Trustbridge Partners.

Douban FM said that after the financing, the company will implement copyright and production cooperation with Tencent Music to realize brand upgrade. With the launch of its 6.0 version, Douban FM hopes to return to the first class of China's music streaming market.

Neither Douban FM nor Tencent Music disclosed the transaction value. However, an insider revealed that Tencent Music did not pay any cash in this deal; instead, it exchanged its massive genuine music library for equity and became the second largest institutional shareholder of Douban FM. Meanwhile, DNV Music Group still controls Douban FM.

In addition, Li Quan, president of DNV Music Group, recently revealed during an interview that Douban FM nearly gained the entire music library of Tencent Music.

According to Tencent Music's prospectus submitted in October 2018, the company has over 200 copyright cooperation partners in China and abroad, including Sony Music Entertainment, Universal Music Group, Warner Music, Emperor Entertainment, and China Record Corporation. Its music library contains more than 2,000 songs and it has three major music platforms – QQ Music, Kugou and Kuwo.