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Chinese streaming platform NetEase signs copyright license agreement with Loen Entertainment

The company was grated the license to the copyright of Loen's music catalog

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NetEase is a Chinese Internet technology company.

NetEase Cloud Music, the popular Chinese music streaming platform owned by Chinese internet company NetEase Inc (NASDAQ:NTES), announced on Tuesday the signing of a copyright licensing partnership with Loen Entertainment, one of the largest entertainment companies in South Korea.

NetEase Cloud Music was granted the license to the copyright of Loen's music catalog, including a large collection of music as well as albums and tracks from performers such as IU, Apink, CNBLUE, GFriend, AOA and THE BOYZ.

The collection will now become available on NetEase Cloud Music. They include Palette and CHAT-SHIRE by IU, Miracle and ONE & SIX by Apink, 7°CN and BLUEMING by CNBLUE, Sunny Summer and Time For The Moon Night by GFriend, BINGLE BANGLE and ANGEL'S KNOCK by AOA, as well as THE START and THE SPHERE by THE BOYZ.

READ: Chinese company Tencent Music files for US IPO as Sony and Warner Music snap up $200M in shares

Launched in 2013, NetEase Cloud Music is China's largest user-generated content (UGC) platform for music and the most active music community. By the end of 2017, the platform had more than 400 million users. As a leading Chinese music distribution platform, it boasts around 80% utilization rate of its music library, well above the industry average.

Since the beginning of the year, NetEase Cloud Music has signed agreements to become the partner for several record and entertainment companies, including HIM International Music Inc, B2 Music, YUEHUA Entertainment, KING RECORDS, Big Hit Entertainment, and NBCUniversal Entertainment Japan.

Shares of NetEase in the Nasdaq were up 0.16% to $217.15 by midsession on Tuesday.

NetEase is a Chinese Internet technology company providing online services centered on content, community, communications and commerce. The company is based in Beijing, China.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

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