NetEase, one of China’s top internet and online game services providers, announced on Nov. 12 that NetEase Cloud Music, the company’s music streaming platform, has completed its round of financing with investors. The total amount raised exceeded $600 million.
“China’s online music market is attractive with huge growth potential,” said Joey Chen, Managing Director
of Boyu Capital, an investor in NetEase Cloud Music. “We are confident that NetEase Cloud Music is well-positioned to capture the rising opportunities and achieve sustained high growth.”
Launched in 2013, NetEase Cloud Music, featuring personalized recommendations and user interaction, is now recognized as one of the industry’s leading players. It has more than 600 million registered users, a market leading user retention rate,and user time spent on the platform, as well as one of the largest catalogs of user-generated content.
“Content creation and user experience differentiation is embedded in our corporate DNA,” said William Ding, Chief Executive Officer and Director of NetEase.
By supporting original musicians and independent music, the company has created a community for music lovers and musicians . At present, over 70,000 independent musicians have uploaded over 1.2 million songs to the platform.
“Music is particularly region-specific and we strive to create the largest interactive community for music lovers in China by providing users with convenient access to both mainstream and independent artists, ”Ding said.
In 2017, China’s recorded music market was 45 times smaller than that in the U.S. But with a population of 1.4 billion and positive consumption trends, China’s recorded music market is expected to grow significantly. According to iResearch, China’s per capita spending on recorded music is projected to quadruple from 2017 to 2023.