NetEase Cloud Music FY24 Profit Climbs

(RTTNews) - Chinese online music platform NetEase Cloud Music Inc., affiliated to NetEase, Inc. (NTES), reported Thursday that its fiscal 2024 net profit increased 113.2 percent to RMB1.57 billion from last year's RMB734.2 million.

Adjusted net profit reached RMB1.70 billion, compared with RMB818.5 million in 2023.

Revenue was RMB7.95 billion, an increase of 1.1 percent from prior year's RMB7.87 billion in the prior year.

Revenue from online music services was RMB5.4 billion, an increase of 23.1 percent from the prior year. Revenue from sales of membership subscriptions increased to RMB4.5 billion from RMB3.6 billion in 2023.

Revenue from social entertainment services and others was RMB2.6 billion, compared with RMB3.5 billion in 2023.

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