Chinese tech giant NetEaseSubsidiary of Cloud Village – operates a music streaming service NetEase Cloud Music – signed a licensing contract with K-pop company SM Entertainment, granting Cloud Music the rights to distribute SM’s music catalog.
According to a media statement released by NetEase, the terms of the agreement will see the two companies “working together to carry out in-depth cooperation and jointly promote Korean music and artists.”
Founded in 1995, South Korea’s SM Entertainment has a roster of prominent K-Pop artists such as KANGTA, BoA, TVXQ!, SUPER JUNIOR, Girls’ Generation, SHINee, EXO, Red Velvet, NCT, and aespa.
SM Entertainment is led by founder and producer Lee Soo-man. He recently gave a speech at Stanford University about the company’s history and vision.
NetEase Cloud Music noted today that it has “actively expanded its extensive portfolio”.
The platform adds that it has recently reached agreements with record labels including Modern Sky, Emperor Entertainment Corporation and China Record Group.
Music company with headquarters in Paris Believe also recent ink a new deal with NetEase Cloud Music (as well as with rival Tencent Music Entertainment Music).
MBW report Last month, NetEase Cloud Music and its rival Tencent Music both added more paid music users Spotify in the first quarter of 2022.
NetEase Cloud Music’s total monthly active users (MAUs) reached 181.7 million in Q1 2022, down slightly from 183.1 million in the previous quarter.
The platform’s paying online music users (36.7 million) accounted for 20.2% of its total online music MAUs for the quarter.
NetEase Cloud Music’s revenue grew 38.6% year-on-year in the first quarter of 2022, to 2.1 billion yuan (about $331 million).
SM Entertainment’s licensing deal with NeatEase Cloud Music following the K-pop company’s recent deal to hit with Warner Records for the girl group aespa.Worldwide music business
