NetEase Cloud Music is a music-streaming service run by NetEase that hosts a catalog of more than 10 million songs and emphasizes independent music. The company says it reaches 600 million users, a figure that grew by about 200 million over the past year. Its indie-focused roster includes roughly 1.2 million tracks from around 70,000 independent musicians. NetEase Cloud Music recently closed a fresh $600 million injection and said it will use the funds to pursue further user growth and platform development. NetEase will remain the majority shareholder following this deal. The business was previously valued at over $1 billion after a 750 million RMB round raised last year. NetEase Cloud Music is a Chinese online music platform launched in April 2013 and led by CEO Zhu Yiwen. The service enables over 300 million people to discover and share music. The company announced a RMB 750 million (approx. USD 108m) Series A financing that valued it at about RMB 8 billion (approx. USD 1.16 billion). Raised capital will be used to enhance user experience, increase investment in content, develop a patent system, and establish solutions for upstream and downstream music to provide users with quality music. Its core product centers on music discovery, social sharing, and content investment. The financing positions the company to expand content and product capabilities while developing IP and solutions across the music value chain.

Total raised

$709M

Funding rounds

2

Latest round

Equity

Latest activity

Nov 2018