Home Business NetEase Cloud Music hears through the Hong Kong Stock Exchange, Tencent Music’s competitor goes live_listing hearing

NetEase Cloud Music hears through the Hong Kong Stock Exchange, Tencent Music’s competitor goes live_listing hearing

by admin

Original title: NetEase Cloud Music hears through the Hong Kong Stock Exchange, Tencent Music’s competitor goes live

Every reporter: Wen Menghua Every editor: Dong Xingsheng

On August 1, the official website of the Hong Kong Stock Exchange revealed that NetEase Cloud Music has passed the listing hearing and uploaded the post-hearing data set. The listing co-sponsors are Merrill Lynch, CICC and Credit Suisse.

The latest data disclosed in the data collection shows that NetEase Cloud Music’s total revenue for Q1 in 2021 is 1.5 billion yuan, a year-on-year increase of 74.6%; Q1 adjusted net loss narrowed from 500 million yuan in the same period last year to 300 million yuan; gross loss rate from the same period last year The 26.8% of the country’s economy has narrowed sharply to 3.6%.

From an annual perspective, from 2018 to 2020, NetEase Cloud Music adjusted net losses of 1.8 billion yuan, 1.6 billion yuan and 1.6 billion yuan respectively.

Image source: screenshots of hearing materials

In terms of user scale, NetEase Cloud Music’s monthly active users in Q1 reached 183 million; the number of paid online music users was 24.29 million, an increase of 91.5% year-on-year; the online music payment rate was 13.3%. Data shows that about 90% of NetEase Cloud Music users are born in the 90s or 00s.

The “Daily Business News” reporter noted that NetEase Cloud Music has conducted four rounds of financing, with financing amounts of US$132 million, US$150 million, US$476 million and US$702 million, respectively. Alibaba and Baidu are its investors. .

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It is reported that this fundraising is mainly used to continue to cultivate the music community. With the upcoming listing of NetEase Cloud Music, the competition between the online music platform market will be mainly concentrated between NetEase Cloud Music and Tencent Music.

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