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The parent company of Chinese streaming service NetEase Cloud Music has filed its latest financial results. They reveal that the company ended June with 181.9 million monthly active users – down from 184.5 million a year ago. However, 37.6 million of them were paying for music on a monthly basis, up from 26.1 million this time last year.

This helped NetEase Cloud Music to grow its revenues for the first half of 2022 to RMB 4.3bn ($631.7m), which was up 33.8% year-on-year. Just over a fifth of NetEase Cloud Music’s users are now paying in some way.

Like rival Tencent Music, the company also has ‘social entertainment’ services: that side of the business saw its monthly paying users grow from just over 496,000 at the end of June 2021 to more than 1.2 million a year later.

The financials also highlight a recent launch for NetEase Cloud Music: a dedicated “music-inspired social networking app” called MUS, where people show off their music tastes based on their listening on the parent service.

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Stuart Dredge

Music Ally's Head of Insight

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