NetEase Cloud Music reported significant financial growth in 2024, with notable gains in subscription revenue and overall profitability. The streaming service generated total revenue of $1.10 billion (CNY 7.95 billion), marking a 1.1% year-over-year increase.

Key highlights from the financial report:

• Online music services revenue increased 23.1% to $737.85 million
• Subscription revenue grew 22.2% to $614.45 million
• Long-form content consumption time rose 35.8%
• Social entertainment revenue declined 26.2% to $357.67 million
• Overall profit increased 113% to $215.71 million

The platform now hosts 773,500 registered independent artists with approximately 4.4 million tracks. Notable achievements include successful in-house productions like "Follow," "Hai Shi Hui Xiang Ni," and a multi-language version of "Dehors."

The company maintained strong partnerships with major K-pop entertainment companies, including JYP Entertainment, Kakao Entertainment, and CJ ENM, while continuing discussions with SM Entertainment regarding licensing agreements.

A significant portion of revenue ($110 million) came from a single unnamed external customer, demonstrating the platform's ability to secure major commercial partnerships.

The company's focus on core music business operations and prudent cost management contributed to its improved profitability, despite the decline in social entertainment revenue.

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