NetEase Cloud Music renews licensing deal with Warner Music
NetEase Cloud Music Inc. (9899.HK) announced on Thursday that it renewed an agreement to license music from Warner Music Group. Under the multiyear deal, NetEase Cloud Music said it will expand beyond simply distributing Warner’s recordings to also promoting the U.S. music label’s artists to improve their visibility in China.
NetEase Cloud Music, the music arm of gaming giant NetEase, said the renewed partnership will also focus on multimedia content collaboration beyond audio streaming.
NetEase Cloud Music began its relationship with Warner Music in 2020, shortly before China ordered rival Tencent Music to end its monopolistic practices in the country. Before that, Tencent Music had exclusive licensing agreements to distribute most of the world’s top music labels’ recordings in China, and sublicensed that content to other Chinese music companies like NetEase Cloud Music.
NetEase Cloud Music’s stock rose 2.1% on Thursday before the announcement. The stock is down 35.2% this year, and has lost more than half of its value since a peak last August.
By Doug Young
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