NetEase Streaming Service Raises Over $600 Million

TRENDING: GPT Weekly: CoreWeave Secures $6.3 Billion Nvidia Order; Tencent Cloud Shuns Price War in Intensifying AI Race; Huawei Unveils Three-Year AI Chip Roadmap as Nvidia Faces Setbacks in China

LATEST: GPT Weekly: CoreWeave Secures $6.3 Billion Nvidia Order; Huawei Unveils Three-Year AI Chip Roadmap as Nvidia Faces Setbacks in China; Tencent Cloud Shuns Price War in Intensifying AI Race; China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War; Chinese Robot Startup Unitree Gears Up for Market Debut; China Enforces AI Content Labeling Rules to Curb Misuse; Tech Brief (Sept. 2): China Rolls Out Mandatory AI Labeling; Meituan Enters Open-Source AI Race With LongCat Model; Tech Brief (Aug. 29): SenseTime Reports Strong AI Growth; All Hail the Driverless Taxis as China Eyes a $183 Billion Market; Tech Brief (Aug. 27): Cambricon Reports $128 Million Profit, Stock More Than Doubles Since July; Tech Brief (Aug. 26): Musk’s xAI Sues Apple and OpenAI Over Alleged AI Market Monopoly; Exclusive: NetEase’s Youdao CEO Explains How AI Agents Could Build a Future of Virtual Teachers; Ant Group Teams up With Top Beijing Hospital to Launch AI Healthcare Lab; Didi and Meituan Clash in Brazil as Food Delivery Battle Goes to Court; Google Denies Rumors It Is Resuming Full Services on Chinese Mainland; China Proves a Winner in the Gaming Market as Growth Hits a Five-Year High; China’s Booster Robotics Lands New Funding as it Hits a Winning Streak; Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift; Cover Story: A New Gold Rush Begins in China’s Hard Tech Sector

By Noelle Mateer / Nov 13, 2018 10:58 AM / Business & Tech

Photo: VCG

Watch out, Spotify.

NetEase’s music-streaming service, NetEase Cloud Music, has pulled in over $600 million in its latest fundraising round, according to a company statement on Monday. Investors include General Atlantic and Boyu Capital – and a large stake from strategic partner Baidu.

But that doesn’t mean the road ahead is easy for the streaming newbie. Tencent has dominated China’s music-streaming market since 2016, when it merged its popular QQ Music with market leaders KuGou and Kuwo.

Share this article

Open WeChat and scan the QR code