Chinese music streaming service NetEase Cloud Music’s parent company published its financial results yesterday, including growth for its flagship service.
Cloud Music Inc reported that its revenue from online music services was RMB 4.4bn in 2023 ($611.2m), up 17.6% year-on-year thanks mainly to growth in subscriptions.
NetEase Cloud Music had 205.9 million monthly active users at the end of the year – up from 189.4 million the year before – while its number of paying users grew from 38.3 million to 44.1 million in 2023.
This includes subscribers, but also people buying digital albums from the service. And, as it turns out, physical albums.
In May 2023 NCM launched its first ‘co-published physical album’ by artist Chenyu Hua. It has generated more than RMB 20m ($2.8m) in sales.
In its financials announcement NCM also talked about its work in AI music, having rolled out its NetEase Tianyin product in August 2023 as “an all-in-one AI music creation tool that assists musicians with songwriting and music arrangements”.
It has also launched an AI voice-synthesis tool called X Studio with partner Xiaoice.
Tools: platforms to help you reach new audiences
Tools :: Cresqa
Cresqa pitches itself as “your personal content strategy assistant”.
To access this post, you…