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The parent company of Chinese music service NetEase Cloud Music has published its latest financial results.

Cloud Village’s figures reveal that it ended 2022 with 189.4 million monthly active users for its online music services, up from 182.6 million a year before.

Something that improved sharply was NCM’s ratio of paying users though: 38.3 million at the end of 2022, up from 28.9 million the year before. Its conversion rate has thus increased from 15.8% to 20.2% over the last year.

Reminder: this isn’t just streaming subscriptions, as we’re used to from western DSPs’ financials. It also includes people buying digital albums from NetEase Cloud Music.

The company reported RMB 3.7bn ($532.8m) of revenues from its online music business, up 12.4% year-on-year. It also noted that its catalogue has now expanded to more than 116m tracks, including 2.6m uploaded directly by 611,000 independent artists.

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Stuart Dredge

Music Ally's Head of Insight

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