NetEase, Inc., one of China's leading Internet and online game services providers, announced on Monday night its music arm, NetEase Cloud Music had finished its B-round financing with investors including Baidu, General Atlantic and Boyu Capital.
The fund raised amounts to 600 million U.S. dollars in total, and NetEase has remained the controlling shareholder of NetEase Cloud Music.
The company completed its first-round financing in April 2013 with an amount of 750 million U.S. Dollars.
NetEase Cloud Music now has 600 million registered users, according to the company. Compared with the live-streaming and video industry, the subscription proportion in the music industry is relatively low, where lies a significant potential to tap into in the future, the company said.
Money raised this time would go to introducing partners with resources in need as well as helping original musicians and system-building processes, NetEase Cloud Music said.
"Leveraged by Baidu's search engine and content distribution capabilities, NetEase Cloud Music will offer improved services and advanced contents for our users with its customized products and differentiated customer experience," said Wang Lu, the vice-president of Baidu.
Subscribed contents will be normalized in China as Chinese customers are getting used to it with their enhanced awareness for the protection of Intellectual property (IP), said Eric Zhang, the managing director of General Atlantic.
Apart from financing activities, the company also strengthened its IP protection this year. It has collaborated with Sony Music Entertainment and Loen Entertainment in copyright partnerships in 2018.
The fund raised amounts to 600 million U.S. dollars in total, and NetEase has remained the controlling shareholder of NetEase Cloud Music.
The company completed its first-round financing in April 2013 with an amount of 750 million U.S. Dollars.
NetEase Cloud Music now has 600 million registered users, according to the company. Compared with the live-streaming and video industry, the subscription proportion in the music industry is relatively low, where lies a significant potential to tap into in the future, the company said.
Money raised this time would go to introducing partners with resources in need as well as helping original musicians and system-building processes, NetEase Cloud Music said.
"Leveraged by Baidu's search engine and content distribution capabilities, NetEase Cloud Music will offer improved services and advanced contents for our users with its customized products and differentiated customer experience," said Wang Lu, the vice-president of Baidu.
Subscribed contents will be normalized in China as Chinese customers are getting used to it with their enhanced awareness for the protection of Intellectual property (IP), said Eric Zhang, the managing director of General Atlantic.
Apart from financing activities, the company also strengthened its IP protection this year. It has collaborated with Sony Music Entertainment and Loen Entertainment in copyright partnerships in 2018.
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