The Universal chairman/CEO also touted the company's many successes over the past year, and plans to "further evolve our organizational structure" moving forward.
The catalog includes 18,000 recordings, songs and video recordings, including works from some of Pakistan and India's top artists.
"UMG will continue to work with TME to bring the very best in music to these passionate music consumers."
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
The year saw K-pop companies making mega moves on a global scale, while the catalog market remained hot.
The 20-stock index gained 2.2% to 1,522.78. It's now up 30.4% year to date.
Last week, the label had Germany’s top 10 albums, also including releases from The Rolling Stones, Stray Kids and Jung Kook.
UMG says it's “patently false" that it took below-market rates in return for a stake in Spotify, but a judge says it wouldn't legally matter if they had.
"Merchants of garbage," live music spending, rosy outlooks and more.
The artificial intelligence company gave a sneak peek of how it might battle Universal Music Group in a looming case over AI-generated music.
