NetEase Streaming Service Raises Over $600 Million

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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.

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