HANGZHOU, China, June 10, 2022 /PRNewswire/ -- Cloud Village 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 SM Entertainment Co., Ltd. ("SM Entertainment"), a leading entertainment group in South Korea, granting NetEase Cloud Music the right to distribute SM Entertainment's music catalog.
Under terms of the Agreement, the two companies will work collectively to carry out in-depth cooperation and jointly promote Korean music and artists and bring more high-quality music content to music lovers and artists alike. SM Entertainment's robust portfolio boasts hundreds of influential K-Pop artists, including KANGTA, BoA, TVXQ!, SUPER JUNIOR, Girls' Generation, SHINee, EXO, Red Velvet, NCT and aespa.
Established in 1995, SM Entertainment is a pioneer in South Korea's entertainment industry and leads the K-Pop trend around the world with a strong global presence in overseas markets such as North America and Europe.
As one of China's leading online music platforms, NetEase Cloud Music has gained popularity among Chinese music fans, especially among the younger generation base. The unique music community atmosphere, highly interactive user base and strong user stickiness of NetEase Cloud Music bodes well for SM Entertainment's content distribution, and ability to efficiently and effectively reach the younger generation in China.
NetEase Cloud Music has been actively expanding its broad portfolio, and has recently reached music copyright cooperation with a number of top record labels including Modern Sky, Emperor Entertainment Group and China Record Group. In the future, NetEase Cloud Music will continue to promote cooperations with upstream copyright owners, and continue to provide more high-quality music content for Chinese music enthusiasts.
About Cloud Village Inc.
Launched in 2013 by NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), Cloud Village Inc. (HKEX: 9899) is a leading interactive music streaming service provider in China. Dedicated to providing an elevated user experience, Cloud Village Inc. provides precise, personalised recommendations, promotes user interaction and creates a strong social community. Its focus on discovering and promoting emerging musicians has made Cloud Village Inc. a destination of choice for exploring new and independent music among music enthusiasts in China. The platform has been recognised as the most popular entertainment app among China's vibrant Generation Z community.
Please see http://ir.music.163.com/ for more information.
Forward Looking Statements
This press release contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.
Investor Enquiries:
Angela Xu
Cloud Village Inc.
music.ir@service.netease.com
Media Enquiries:
Li Ruohan
NetEase, Inc.
globalpr@service.netease.com
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