Thursday , July 29 2021

Streaming Music Industry Grows in China, Investment of $ 600 Million



NetEase Increases $ 600 Million in Investment

Netease Cloud Music Logo (PRNewsFoto / Netease Cloud Music)

One of China A leading online internet and gaming service provider recently announced that its music streaming platform NetEase Cloud Music has completed a funding round announced earlier with investors, including strategic partners Baidu, General Atlantic, Boyu Capital and several other investors. The total amount collected has run out $ 600 million, and NetEase remains the controlling shareholder of NetEase Cloud Music business.

With a population of 1.4 billion and a trend of increasing consumption, China the recorded music market is expected to grow rapidly. According to iResearch, China the music market is 45 times smaller than in the US in 2017, and China per capita expenditure for music recordings is projected to quadruple from 2017 to 2023.

"Content creation and user experience differentiation are embedded in our company's DNA," said William Ding, Chief Executive Officer and Director of NetEase. "The focus on quality and workmanship is prevalent in all our product offerings, including online games and e-commerce, among others. NetEase Cloud Music is no different. Music is especially specific to certain regions and we strive to create the largest interactive community for music lovers in China by providing users with easy access to mainstream and independent artists. We remain focused on continuous improvement, and we believe we can further open the value of this important asset at China the online music service market is growing rapidly. "

Launched at April 2013NetEase Cloud Music is now widely recognized as one of the industry's biggest players, with more than 600 million registered users, adding 200 million over the past twelve months. NetEase Cloud Music has been praised by industry insiders for providing appropriate and personalized recommendations and promoting user interaction.

Meanwhile, NetEase reports that more than 70,000 independent musicians have uploaded more than 1.2 million songs to the platform.

"Baidu is always committed to creating the strongest content ecosystem. We have found that Chinese users still have plenty of room for online music, "said Mr. Wang Lu, Vice President Baidu. "Netease Cloud Music has made a name for itself in terms of different user offerings, along with Baidu's leadership in the feed business, search content distribution capabilities in China, we hope to work together to provide enhanced services to users through the distribution of the strongest content, and the highest quality content ecosystem. "


Source link