Image Credit: NetEase
Chinese technology company NetEase post their Q3 2022 financial results, showing their music streaming service’s revenue growth.
Chinese music streaming service and competitor to Tencent Music, NetEase Cloud Music latest revenue has been shared by their majority shareholder, NetEase. Revenue is up 22.5% year-on-year to RMB 2.36bn (arround $331 million). This is thanks to an increase in the number of paying users. In Q3 2022, Tencent Music saw revenue of RMB 3.43bn, across their music streaming apps QQ Music, Kugou Music and Kuwo Music.
While we are waiting to hear the number of users and subscribers for this latest quarter, in Q2 2022 NetEase Cloud Music had 181.9 million monthly active users, 37.6 million of whom were paying.