NetEase Streaming Service Raises Over $600 Million

TRENDING: Geely-Backed Meizu Stops New Phone Development, Turns to AI and Auto Tech; Fatal Xiaomi EV Crash Raises Questions Over Door-Handle Safety; In Profile: How Morris Chang Built TSMC Into a Chipmaking Colossus

LATEST: Geely-Backed Meizu Stops New Phone Development, Turns to AI and Auto Tech; In Profile: How Morris Chang Built TSMC Into a Chipmaking Colossus; Baidu Profit Plunges 42% as AI Push Erodes Core Ad Business; Robotics Startup X Square Secures Fresh Funding Amid Valuation Surge; Fatal Xiaomi EV Crash Raises Questions Over Door-Handle Safety; DJI Challenges U.S. Drone Ban in Federal Appeals Court; China’s AI² Robotics Raises Fresh Funds at Over 10 Billion Yuan Valuation; China’s Tech Giants Wage Lunar New Year Subsidy War to Win AI Users; ByteDance’s Doubao Dominates Spring Festival Gala With 1.9 Billion AI Interactions; At China’s Spring Festival Gala, Robotics Becomes Big Business; Pentagon Retracts Chinese Military Companies List Twice in Two Days; Alibaba Unveils Qwen3.5-Plus, Undercutting Gemini 3 Pro on Cost; Pentagon Blacklists Alibaba, Baidu and BYD Over Alleged Military Ties; ByteDance Unveils Doubao 2.0 AI Model to Tackle Complex Tasks; Hollywood Isn’t a Fan of ByteDance’s New AI Video Tool; China Plans to Make Liability Insurance Mandatory for Drones by 2027; Dutch Court Orders Probe Into Nexperia, Keeps Wingtech Frozen Out; SMIC Revenue Rises as Profit Slips on Expansion Costs; Galaxea AI Raises $144 Million as China’s Robot Investment Frenzy Mounts; Beijing Orders Telecom Overhaul to Track Drones in Lower Skies

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