HANGZHOU, China, July 21, 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 YG Entertainment Inc. ("YG Entertainment"), a leading entertainment company in South Korea, granting NetEase Cloud Music the right to distribute YG Entertainment's music catalog in China.
Under the terms of the Agreement, both parties will engage in innovative approaches to unlock more opportunities for YG Entertainment's vast and influential catalog as well as its artists on the platform, including music by popular K-Pop groups such as BIGBANG and BLACKPINK, and utilize their strengths to expand the music library on NetEase Cloud Music platform to provide more high-quality music content for Chinese music lovers.
Founded in 1996, YG Entertainment is one of the largest entertainment management companies in South Korea. It has been at the forefront of the popularization of hip-hop music. It is also the entertainment company with the most hip-hop singers in South Korea. World-renowned artists on its roster include BIGBANG, BLACKPINK, SECHSKIES, AKMU, WINNER, iKON and TREASURE.
As one of China's leading online music platforms, NetEase Cloud Music has been gaining presence among the younger generation. The unique music community atmosphere, highly interactive user base and strong user stickiness of NetEase Cloud Music further demonstrate the platform's capability in efficiently promoting music content while enhancing the interaction between artists and their fan base in China.
NetEase Cloud Music has been actively expanding its broad portfolio and once again is joining hands with a top South Korean entertainment company to continually supplement the platform's high-quality content to cater to users' diverse music tastes spanning multiple genres. Recently, NetEase Cloud Music has reached music copyright cooperation with a number of top record labels, including Modern Sky, Emperor Entertainment Group, China Record Group, Feng Hua Qiu Shi, Yuehua Entertainment, Linfair Records, SM Entertainment and TF Entertainment. In the future, NetEase Cloud Music will keep on promoting its collaborations 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.
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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
Cloud Village Inc.