Chinese music-streaming service NetEase Cloud Music published its latest financials this week, revealing that it ended March with 181.7 million monthly active users. That’s actually down slightly from the 183.1 million it had a year ago.
However, like rival Tencent Music, the company is growing its audience of paying listeners: from 24.3 million people at the end of Q1 2021 to 36.7 million a year later. That’s people paying for subscriptions and/or digital album downloads from NetEase Cloud Music.
The company described Q1 as “a solid start to 2022” as its overall revenues grew 38.6% year-on-year to RMB 2.1bn ($314.8m). That’s across both of its business lines: music streaming and social entertainment, with the former contributing RMB 884.8m ($133.2m) to the total, up 16.5% year-on-year.
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