NTES - Cloud Music Inc. Expands K-Pop Portfolio with Kakao Entertainment | Benzinga
HANGZHOU, China, May 13, 2024 /PRNewswire/ -- Cloud Music Inc. (HKEX: 9899, "NetEase Cloud Music" or the "Company"), a leading interactive music streaming service provider in China, today announced that it has entered into a licensing agreement for digital music distribution ("the Agreement") with Kakao Entertainment Corp. ("Kakao Entertainment"), a leading entertainment company in South Korea, granting NetEase Cloud Music the right to distribute Kakao Entertainment's music catalog in China.
Under the terms of the Agreement, the two companies will engage in diverse approaches to unlock more opportunities for Kakao Entertainment's vast and influential catalog as well as its prominent artists to effectively build influence among younger generation users in China. Both parties will work collectively to carry out in-depth cooperation, jointly promoting Korean music and bringing more high-quality content to music lovers in China, further amplifying NetEase Cloud Music's broad music content library.
Established in 2010, Kakao Entertainment (formerly, "SeoulRecords" (founded in 1978) and "LOENentertainment") is a leading entertainment company in South Korea with a well-diversified portfolio offering everything from webtoons to films and dramas, talent management, and K-Pop all under one roof. They are also a major investor and distributor in the Korean music industry, with a fast-growing influence in markets around the world based on strong fandoms.
Kakao Entertainment's comprehensive music business strategy includes planning, production, distribution, and investment, with 70000 track distribution rights and 50+ star artists. Kakao Entertainment's robust portfolio boasts a number of influential K-Pop artists and their popular tracks, including JAY PARK's "GANADARA," Chungha's "I'm Ready," FTISLAND's "Severely," CNBLUE's "Can't Stop," N.Flying's "Rooftop," THE BOYZ's "Nectar," STAYC's "Bubble," KISS OF LIFE's "Shhh," and more. The company has been at the forefront of popularizing K-Pop music, establishing extensive influence globally, and captivating millions of fans with the charm of K-Pop music.
NetEase Cloud Music, as one of China's leading online music platforms, has long been a preferred online destination for music enthusiasts. In 2023, it had 206 million monthly active ...