NetEase is quickly becoming one of the world’s biggest players in world music streaming as Alibaba join their stakeholders.
China’s internet company boom has seen a lot of massive global players emerge. One of the biggest, Alibaba Group, have just confirmed a major investment in NetEase Cloud Music; one of China’s biggest music streaming services.
In a deal worth approximately $700 million Alibaba now own a minority stake in the emerging NetEase. Neatease Inc. remain the majority shareholder of the service.
NetEase’s CEO, William Ding said: “As the controlling shareholder of NetEase Cloud Music, we will continue to fully support the growth of this business, helping it to realise its strategic goals in the music industry.”
Alibaba Group’s CEO, Daniel Zhang added: “Alibaba looks forward to becoming a partner in the future development of NetEase Cloud Music and exploring innovative collaboration int he digital entertainment space.”
Alibaba and NetEase’s relationship has grown even tighter with the additional purchase of NetEase’s e-commerce platform Kaola. In a massive $2 billion deal, Alibaba Group have acquired the service to intergrate into Tmall. Kaola will still operate independently as it’s own brand despite integration of the two platforms.
Zhang spoke on the Kaola deal, saying: “We are pleased to have found a strategic fit for Kaola within Alibaba’s extensive ecosystem, where Kaola will continue to provide Chinese Consumers with high-quality import products and services.”