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Ding Lei plans to promote the public listing of Netease cloud music after Youdao goes public

via:CnBeta     time:2019/10/28 7:00:34     readed:867

"We plan to make our business run as an independent company, including NetEase Cloud Music," Ding said.

Ding didn't disclose the schedule of Netease cloud music's initial public offering, but said the company would take action when the management of the streaming music department is mature and the business is in a leading position in the market.

NetEase's music department, founded in 2013, is the industry leader Tencent Music's number one competitor. NetEase has been grappling with rising content costs as it has to sublicense a large portion of its rival Tencent Music.

Last year, Tencent music raised $1.1 billion in U.S. initial public offerings, while Netease cloud music raised more than $600 million in private funds from Baidu, general Atlantic and other companies. This year, Netease cloud music raised another $700 million from Alibaba and Yunfeng. Tencent music's share price has risen about 8% since its December IPO.

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