NetEase Cloud Music Inc

09899: XHKG (HKG)

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Turning Playlists Into Communities, NetEase Cloud Music Builds Its Edge in China

Ivan Su

Sep 15, 2026

Business Strategy and Outlook

Cloud Music has built a strong position as China's second-largest music streaming platform by competing on community rather than catalog. The strategy is a deliberate response to the firm's licensing disadvantage versus Tencent Music, and we expect it to maintain market shares over the next five years.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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NetEase Cloud Music Inc

Turning Playlists Into Communities, NetEase Cloud Music Builds Its Edge in China

Business Strategy and Outlook

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