NetEase Cloud Music saw huge revenue growth – Q2 2020 earnings call

Internet technology company NetEase hint at big numbers from NetEase Cloud Music in their Q2 2020 earnings call.

NetEase Cloud Music is one of the big three music streaming service in China, along with Tencent and Alibaba.

While not announcing exact numbers, NetEase’s Chief Financial Officer Charles Yang said “For NetEase Cloud Music, we continued to see triple-digit revenue growth in the second quarter year over year, with both membership and live streaming striking new highs.”

NetEase Cloud Music is covered under NetEase’s innovation business and others category. “Net revenues from innovative businesses and others were RMB 3.7 billion [$533.4m] for the quarter, up 39% year over year mainly due to the increased contribution from NetEase Cloud Music platform.”

Talking on the recent deal signed with UMG, Yang continued “We are very pleased to have secured a multiyear licensing agreement with Universal Music Group. This direct partnership further strengthens NetEase Cloud Music as a go-to platform for high-quality international music and marks a great step forward for China’s music industry as a whole.”

NetEase also mentioned the launch of Yinjie, a karaoke app that rivals Tecent’s WeSing. “Also in this quarter, we launched Yinjie, our karaoke app which allows one-click remix capability for limitless creative possibilities when singing on our app.”

Get your own music on NetEase Cloud Music for free.

Is TikTok the future of the music industry?

A survey of 1000 TikTok users revealed that 47% believe that TikTok is the future of the music industry – and over half say the app influences their music taste. Is TikTok the most important place on the internet for music right now?

Deezer Invests In Live Music Streaming Platform DREAMSTAGE

Deezer joins the push for live streaming post-pandemic by investing in DREAMSTAGE.

Leave a Reply

Your email address will not be published. Required fields are marked *