Another day, another music-related company preparing to go public. This time it’s NetEase Cloud Music which is set to spin off in a public listing on the Hong Kong stock exchange.

The listing will be for Cloud Village, the operator of NetEase Cloud Music, although NetEase will continue to hold at least 50% of the voting rights in the subsidiary.

Most interestingly for western observers of China’s streaming ecosystem, the filing brought with it a new figure for NetEase Cloud Music: its number of monthly active users. They stood at 180 million in 2020. In the past, the company has preferred to use registered users (more than 800 million) as its main public metric. Last August, NetEase said that it had been seeing “triple-digit revenue growth” for the streaming service in the previous quarter.

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Stuart Dredge

Music Ally's Head of Insight

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