Music streaming platform NetEase Cloud Music raises $600m

Chinese music streaming platform, NetEase Cloud Music has raised $600 million from round of financing with investors, including strategic partner Baidu, Boyu Capital, and several other investors. NetEase, Inc., one of leading internet and online gaming provider of China will be the controlling shareholder of the NetEase Cloud Music business. Launched in April 2013, NetEase Cloud Music has more than 600 million registered users.

Wang Lu, Vice President, Baidu quoted, “Baidu has always been committed to creating the most powerful content ecosystem. We have found that Chinese users still have a lot of room for online music. Netease Cloud Music has made a name for itself in terms of its differentiated user offering; together with Baidu’s leadership in feed business [and] search content distribution capabilities in China, we look forward to working together to provide users with enhanced service through the strongest content distribution, and the highest quality content ecosystem.”