NetEase Cloud Music (NTES.Q) and Universal Music Group (UMG) inked a multi-year licensing agreement earlier this week, according to a press release.
The agreement will include giving NetEase distribution rights for UMG’s music on its streaming NetEase Cloud Music platform and associated services in China. This includes both domestic and international recording artists.
“The partnership further strengthens NetEase Cloud Music’s position as a go-to platform for high-quality international music and marks a great step forward for China’s music industry as a whole. As leaders in music-based entertainment, UMG and NetEase Cloud Music share a commitment to encouraging creativity and innovation, respecting the power of artistry and exploring wider opportunities for the appreciation and enjoyment of the world’s most iconic, edgy and influential music. We are confident that the partnership will bring wider choice not only for music lovers and artists, but also for the industry,” said William Ding, CEO of NetEase.
Subscribers of NetEase’s platform will get access to music on demand from UMG’s full roster of artists, catalog, and distributed labels, which represent a considerably comprehensive collection of recordings from all musical genres. The two companies will also collaborate on campaigns and initiatives to allow fans in China to engage with Chinese artists, and UMG’s international talent. The agreement also increases the scope of available products and experiences to music fans in China through the NetEase Cloud Music platform.
“At UMG, we are committed to delivering premium listening experiences to music fans in China for our domestic and international artists. Through this agreement with NetEase Cloud Music, we can only build upon the many great successes that we have accomplished together across the platform. We are excited to work together in the years ahead, to help our artists continue to achieve new levels of success in China,” said Sunny Chang, chairman and CEO of Universal Music China.