Yesterday was a busy day for music company financials: Live Nation, HYBE and also the parent corporation of Chinese streaming service NetEase Cloud Music. NetEase may have recently spun off the service in an IPO for its Cloud Village subsidiary, but the tech giant still published some new figures for the music streaming business in its financials.
Cloud Music revenues grew by 23.9% year-on-year to RMB 1.9bn (around $296.5m) in the final quarter of 2021. For the full year, the music service’s revenues grew by 42.9% to RMB 7bn ($1.1bn).
The revenue growth may be good, but NetEase Cloud Music did not increase its listener numbers that much: monthly active users grew by around 1% between 2020 and 2021. While NetEase did not quantify that, the filings for Cloud Village’s IPO last year revealed that the service had 184 million active users at the end of September 2021.