Chinese language tech large NetEase‘s subsidiary Cloud Village – which operates music streaming service NetEase Cloud Music – has entered right into a licensing cope with Okay-pop firm SM Leisure, granting Cloud Music the suitable to distribute SM’s music catalog.
In line with a media assertion issued by NetEase, the phrases of the deal will see the 2 corporations “work collectively to hold out in-depth cooperation and collectively promote Korean music and artists”.
Established in 1995, South Korea’s SM Leisure contains a roster of outstanding Okay-Pop artists like KANGTA, BoA, TVXQ!, SUPER JUNIOR, Ladies’ Era, SHINee, EXO, Pink Velvet, NCT and aespa.
SM Leisure is led by founder and Chief Producer Lee Soo-man. He just lately delivered a speech at Stanford College in regards to the firm’s historical past and imaginative and prescient.
NetEase Cloud Music notes right this moment that it has been “actively increasing its broad portfolio”.
The platform provides that it just lately struck agreements with document labels together with Fashionable Sky, Emperor Leisure Group and China File Group.
Paris-headquartered music firm Consider additionally just lately inked a renewed cope with NetEase Cloud Music (in addition to with its rival Tencent Music Leisure Music).
MBW reported final month that NetEase Cloud Music and its rival Tencent Music each added extra paying music customers than Spotify in Q1, 2022.
NetEase Cloud Music’s total month-to-month energetic customers (MAUs) of on-line music companies stood at 181.7 million in Q1 2022, down barely from 183.1 million within the prior yr quarter.
The platform’s paying on-line music customers (36.7m) accounted for 20.2% of all of its on-line music MAUs within the quarter.
NetEase Cloud Music’s income elevated by 38.6% YoY in Q1 2022, to RMB 2.1 billion (approx USD $331m).
SM Leisure’s licensing cope with NeatEase Cloud Music follows the Okay-pop firm’s current deal struck with Warner Data for woman group aespa.Music Enterprise Worldwide
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