Short Answer: Yes. Tencent Music Entertainment and Netease Cloud Music control the chinese music streaming market.
Between Tencent Music Entertainment (which owns QQ Music, Kugou and Kuwo) and Netease Cloud Music they have over 80% market share in mainland China.
There are over 20 other music streaming services and download stores that are trying very hard to gain as much market share as possible, but for the past 12 months no one has really been able to push their way up to any kind of serious market share number.
Tencent Music Entertainment and Netease are both still growing and we think this duopoly is going to stay for a long time to come!