NetEase Cloud Music has secured a financing round of $600 million to help it compete in both China and on the global stage. Investors include strategic partner Baidu, General Atlantic, and Boyu Capital, while conglomerate NetEase will remain the controlling shareholder. The streaming service has more than 600 million registered users and is a major player in China’s music market.
“Content creation and user experience differentiation is embedded in our corporate DNA,” NetEase CEO and Director William Ding said. “A focus on quality and craftsmanship is prevalent in all our product offerings, including online games and e-commerce, among others. NetEase Cloud Music is no different. 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.
NetEase has a solid foothold in China, but that market remains dominated by the music offering from Tencent. Tencent Music Entertainment is currently pursuing an IPO in the United States.