HANGZHOU, China, May 13, 2024
/PRNewswire/ -- Cloud Music Inc. (HKEX: 9899, "NetEase Cloud Music"
or the "Company"), a leading interactive music streaming service
provider in China, today announced that it has entered into a
licensing agreement for digital music distribution ("the
Agreement") with Kakao Entertainment Corp. ("Kakao Entertainment"),
a leading entertainment company in South
Korea, granting NetEase Cloud Music the right to distribute
Kakao Entertainment's music catalog in China.
Under the terms of the Agreement, the two companies will engage
in diverse approaches to unlock more opportunities for Kakao
Entertainment's vast and influential catalog as well as its
prominent artists to effectively build influence among younger
generation users in China. Both
parties will work collectively to carry out in-depth cooperation,
jointly promoting Korean music and bringing more high-quality
content to music lovers in China,
further amplifying NetEase Cloud Music's broad music content
library.
Established in 2010, Kakao Entertainment (formerly,
"SeoulRecords" (founded in 1978) and "LOENentertainment") is a
leading entertainment company in South
Korea with a well-diversified portfolio offering everything
from webtoons to films and dramas, talent management, and K-Pop all
under one roof. They are also a major investor and distributor in
the Korean music industry, with a fast-growing influence in markets
around the world based on strong fandoms.
Kakao Entertainment's comprehensive music business strategy
includes planning, production, distribution, and investment, with
70000 track distribution rights and 50+ star artists. Kakao
Entertainment's robust portfolio boasts a number of influential
K-Pop artists and their popular tracks, including JAY PARK's "GANADARA," Chungha's "I'm Ready,"
FTISLAND's "Severely," CNBLUE's "Can't Stop," N.Flying's "Rooftop," THE BOYZ's "Nectar," STAYC's
"Bubble," KISS OF LIFE's "Shhh," and more. The company has been at
the forefront of popularizing K-Pop music, establishing extensive
influence globally, and captivating millions of fans with the charm
of K-Pop music.
NetEase Cloud Music, as one of China's leading online music platforms, has
long been a preferred online destination for music enthusiasts. In
2023, it had 206 million monthly active users and over 44 million
paying subscribers to its online music membership. The platform's
unique community atmosphere, advanced personalized recommendation,
and content operation demonstrate its capability to promote music
and facilitate artist-audience interaction.
NetEase Cloud Music has gained popularity among the younger
generation, who have varied tastes and a desire to discover new
music. The platform is upgrading its advanced music recommendations
to better connect music production and consumption, which bodes
well for Kakao Entertainment's ability to efficiently distribute
content in China. Additionally,
NetEase Cloud Music's highly interactive user base and
music-oriented community atmosphere create opportunities for Kakao
Entertainment to facilitate the interaction and connections between
Korean artists and their Chinese fan base. NetEase Cloud Music's
prevalence in China provides
aspiring artists with exposure to its sizeable community of music
lovers, including the large group of K-Pop fans, backed by abundant
resources that support artists with significant promotion and
marketing opportunities.
"We are excited to partner with Kakao Entertainment and share
the passion for delivering exceptional music experiences to users.
This partnership further solidifies NetEase Cloud Music's position
as a prominent platform for international music, particularly
resonating with our vibrant music community," said Vivian Wei, Vice President of Copyrights at
NetEase Cloud Music. "At our core, we are committed to connecting
music lovers with their beloved artists and songs. We are thrilled
to have access to Kakao Entertainment's extensive catalog of
top-tier artists, which further cements our dedication. Through our
shared endeavors, we look forward to offering music lovers an even
greater selection of top-notch Korean music while exploring more
opportunities to benefit our passionate community of music
enthusiasts," Wei added.
Kakao Entertainment commented, "We are delighted to announce our
licensing agreement with NetEase Cloud Music in China. This partnership presents exciting
opportunities for our renowned artists to connect with younger
music lovers throughout China via
NetEase Cloud Music. As industry leaders in music and
entertainment, both Kakao Entertainment and NetEase Cloud Music are
constantly seeking broader opportunities for the appreciation and
enjoyment of the world's most iconic music. Through our partnership
with NetEase Cloud Music, we eagerly anticipate collaborating on a
variety of approaches that will enable our talented artists to
resonate with their fans at a local level. We are thrilled about
the potential this collaboration holds and the new avenues it will
open for our artists."
NetEase Cloud Music has been actively expanding its broad
portfolio. The platform had approximately 149 million cumulative
music tracks by the end of 2023. Recently, NetEase Cloud Music has
reached music copyright cooperation agreements with a number of top
record labels, including Modern Sky, Emperor Entertainment Group,
China Record Group, Feng Hua Qiu
Shi, Yuehua Entertainment, Linfair Records, SM
Entertainment, TF Entertainment, YG Entertainment, Avex, Pony
Canyon, B'in Music, and JYP Entertainment. In the future, NetEase
Cloud Music will continue to promote its collaborations with
upstream copyright owners and provide more high-quality music
content for Chinese music enthusiasts.
About Cloud Music Inc.
Launched in 2013 by
NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), Cloud Music Inc. (HKEX:
9899) is a well-known online music platform featuring a vibrant
content community. Dedicated to providing an elevated user
experience, Cloud Music Inc. provides precise, personalised
recommendations, promotes user interaction and creates a strong
social community. Its focus on discovering and promoting emerging
musicians has made Cloud Music Inc. a destination of choice for
exploring new and independent music among music enthusiasts in
China. The platform has been
recognised as the most popular entertainment app among China's vibrant Generation Z
community.
Please see http://ir.music.163.com/ for more
information.
Forward Looking Statements
This press release contains forward-looking statements relating
to the business outlook, estimates of financial performance,
forecast business plans and growth strategies of the Company. These
forward-looking statements are based on information currently
available to the Company and are stated herein on the basis of the
outlook at the time of this press release. They are based on
certain expectations, assumptions and premises, some of which are
subjective or beyond our control. These forward-looking statements
may prove to be incorrect and may not be realised in the future.
Underlying these forward-looking statements are a lot of risks and
uncertainties. In light of the risks and uncertainties, the
inclusion of forward-looking statements in this press release
should not be regarded as representations by the Board or the
Company that the plans and objectives will be achieved, and
investors should not place undue reliance on
such statements.
Investor Enquiries:
Angela Xu
Cloud Music Inc.
music.ir@service.netease.com
Media Enquiries:
Michelle Chan
hzchenjiayi01@corp.netease.com
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SOURCE NetEase Cloud Music