NetEase Cloud Music achieved significant subscription revenue growth in 2024, with overall revenue reaching $1.10 billion (CNY 7.95 billion), representing a 1.1% year-over-year increase.

Online music services revenue grew 23.1% to $737.85 million (CNY 5.35 billion), driven primarily by subscription revenue which jumped 22.2% to $614.45 million (CNY 4.46 billion). Users' average consumption time for long-form content, including podcasts, increased by 35.8%.

Social entertainment revenue declined 26.2% to $357.67 million (CNY 2.60 billion) as the company focused more on its core music business. The platform reported 773,500 registered independent artists with approximately 4.4 million tracks.

The company's profit surged 113% year-over-year to $215.71 million (CNY 1.57 billion), aided by strategic cost reductions. Notable partnerships in 2024 included agreements with major K-pop companies like JYP Entertainment, Kakao Entertainment, and CJ ENM.

One significant external customer contributed approximately $110 million (CNY 797.59 million) to the year's revenue. While streaming exclusivity is restricted in China, NetEase Cloud Music maintains direct interests in various musical works through its in-house studios, which successfully produced popular tracks like "Follow," "Hai Shi Hui Xiang Ni," and a multi-language version of "Dehors."

Renewal discussions with SM Entertainment for licensing agreements are ongoing, following a preliminary agreement reached in January to maintain SM's catalog on the platform.

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