Image Credit: NetEase
In 2022 the Chinese independent music sector kept growing along with NetEase Cloud Music’s userbase of paying subscribers.
Chinese music streaming service and RouteNote partner NetEase Cloud Music continues to grow year on year. The number of users paying for NetEase’s platform is up 32.5%, with 9.4M new users.
That in turn pushed up revenues, with income from music streaming subscriptions growing 12.4% since 2021.
There was good news for unsigned artists in NetEase’s investor call, too, with an update that the platform is now home to 611,000 independent artists, together generating 2.6 million tracks.
NetEase is the second-biggest music company in China behind Tencent Music.
For the future, NetEase said it will continue to grow its community through innovations like the content produced from its in-house studios and initiatives like Music Talk, an online column.
2022 saw licensing agreements between NetEase and major labels like Pony Canyon and B’in Music – except more of the same growth opportunities in 2023.