NetEase Cloud Music achieved healthy growth in 2024, with subscription revenue increasing by 22.2% year-over-year to $614.45 million (CNY 4.46 billion). The company's total revenue reached $1.10 billion (CNY 7.95 billion), showing a modest 1.1% increase from the previous year.

Key Financial Highlights:

• Online music services revenue: Up 23.1% to $737.85 million
• Social entertainment revenue: Down 26.2% to $357.67 million
• Overall profit: Increased 113% to $215.71 million

The platform experienced significant growth in long-form content consumption, with users' average consumption time rising 35.8% compared to the previous year. The company now hosts 773,500 registered independent artists who have contributed approximately 4.4 million tracks.

Notable achievements include successful productions from in-house studios, featuring popular tracks like "Follow," "Hai Shi Hui Xiang Ni," and a multi-language version of "Dehors." The company maintains strong partnerships with major K-pop entertainment companies, including JYP Entertainment, Kakao Entertainment, and CJ ENM.

While the company's social entertainment revenue declined due to a more focused approach on core music business, NetEase Cloud Music's strategic cost management led to substantial profit improvement. One significant external customer contributed approximately $110 million to the year's revenue.

Ongoing developments include preliminary agreement discussions with SM Entertainment for catalog licensing, though final terms are still being negotiated.

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