Cover news reporter Fu Wenchao
On Nov 17, NetEase Cloud Music released Q3 financial results for 2022. Data show that in the third quarter, NetEase Cloud Music performance sustained and healthy development, the net income of 2.4 billion yuan, a year-on-year growth of 22.5%, gross profit margin increased for 4 consecutive quarters, reaching 14.2%.
According to the financial report, since July last year, NetEase Cloud Music has reached copyright cooperation agreements with Modern Sky, Emperor Entertainment, China Record Group, Fenghua Qiushi, Lehua Entertainment, Fumao, SM, Times Feng Jun, etc., and many famous artists' songs have been lit on the platform.
It is worth mentioning that in the third quarter, NetEase Cloud Music strengthened the service of behind-the-scenes musicians, deepening the depth of service in the online music field. NetEase Cloud Music works with NetEase Fuxi and NetEase Cloud Music Audio and Video Experiment to upgrade the function of inspiration charging station, and helps creators to improve their creative efficiency and broaden their creative ideas by means of tools such as rhyming assistant of lyrics, trend analysis of hot songs and accompaniment library. In July, NetEase Cloud music copyright authorization platform "Cloud Village Exchange" was officially launched, providing legitimate music works and music operation support for the commercial music market through one-stop music solutions for commercial application scenarios.
Recent research report of China Merchants International pointed out that the business economy of online music market continues to improve. It is expected that NetEase Cloud Music's continuous rich content library and social function innovation will promote the increase of online music and social entertainment payment rate.