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Business· Sports & Entertainment

Baidu invests in Netease cloud music, making online melody market a new battlefield for BAT

CKN
minutes 2018/10/15 07:13:28
2,319
China's Financial News, China News, Baidu,  Netease cloud music

Oct 15, 2018 (China Knowledge) - Netease cloud music announced, last Friday, that they got a new round of financing, and the investors include Baidu, General Atlantic, Boyu Capital, among which Baidu is a strategic investor, and Cygnus Equity serves as the exclusive financial advisor for this round of financing.

After the financing, Netease retains sole control of its cloud music. However, the investment will clearly promote the cooperation between Baidu and Netease cloud music.

It is understood that Baidu's investment in Netease cloud music is based on their long-term prospects for China's online music market and the growth space of the later. In the future, several parties will integrate relevant resources and give full play to their respective advantages to boost company's future online music ecological layout and sustainable rapid growth.

The head of Netease cloud music business said that this round of financing is mainly for the purpose of introducing long-term partners with high quality and superior resources. This revenue generated from the latest round of financing will be used for the support of original musicians, and cooperate with partners to jointly build music ecological chain and value chain, bringing better and richer music service experience to users.

Last April, Netease cloud music obtained RMB 750 million from its A round of financing, last week was its another major financing in recent years.

Earlier, the domestic online music market has formed the pattern of four players: Tencent music, Ali music, Netease cloud music and Baidu music. But after this round of financing, the online music market has become the BAT's (Baidu, Alibaba and Tencent) new battlefield.

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