According to media reports, NetEase Cloud Music is seeking to be listed on the Hong Kong Stock Exchange. Substantial progress has been made and it is likely to be officially submitted for IPO next year. NetEase's latest financial report shows that in the fourth quarter of 2020, the net income of the innovative business segments including NetEase Cloud Music, NetEase Yanxuan, NetEase News, etc. was 5.25 billion yuan, compared with 3.7 billion yuan in the same period last year, a year-on-year increase of 41.3%, and 39.0 in the previous quarter. billion.

For the full year of 2020, NetEase’s net income from innovation and other businesses was 15.89 billion yuan, compared with 11.51 billion yuan in 2019. The year-on-year increase in gross profit from innovation and other businesses was mainly due to the improvement in NetEase Cloud Music performance.

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NetEase Cloud Music’s customer base is getting younger

According to the financial report disclosed by NetEase in February this year, more than 90% of NetEase Cloud Music is currently active Users are under 29 years old, and 60% of new users in 2020 are born after 2000. In 2020, NetEase Cloud added nearly 1 million original works by NetEase musicians, and the total number of original works played by musicians exceeded 300 billion times annually.

At the same time, NetEase CEO Ding Lei said that in the future, NetEase Cloud Music will still attach great importance to strengthening the construction of song content on the platform and produce a large number of high-quality works. NetEase Cloud Music's current direct competitors in the domestic market include Tencent Music Group, including QQ Music, Kugou Music, and Kuwo Music. The latter successfully landed on Nasdaq in December 2018 and has a current market value of US$44.8 billion.