Prnewswire·2024-05-13 04:00Core Viewpoint - Cloud Music Inc. has entered into a licensing agreement with Kakao Entertainment Corp. to distribute Kakao's music catalog in China, aiming to enhance the presence of K-Pop and Korean artists among Chinese music enthusiasts [1][7]. Group 1: Agreement Details - The agreement allows for diverse strategies to promote Kakao Entertainment's catalog and artists, targeting younger audiences in China [2][5]. - Both companies will collaborate to promote Korean music and enhance the quality of content available on NetEase Cloud Music [2][6]. Group 2: Kakao Entertainment Overview - Kakao Entertainment, established in 2010, has a diversified portfolio that includes webtoons, films, talent management, and K-Pop, with significant influence in the global music market [2][3]. - The company holds distribution rights for 70,000 tracks and features over 50 prominent K-Pop artists, contributing to its global popularity [3]. Group 3: NetEase Cloud Music Overview - NetEase Cloud Music is a leading online music platform in China, boasting 206 million monthly active users and over 44 million paying subscribers as of 2023 [4]. - The platform is known for its community atmosphere and advanced personalized recommendations, which enhance user engagement and artist-audience interaction [4][5]. Group 4: Strategic Implications - The partnership is expected to leverage NetEase Cloud Music's popularity among younger users to facilitate the distribution of Kakao's content, enhancing the connection between Korean artists and their Chinese fan base [5][6]. - NetEase Cloud Music has been expanding its music catalog, reaching approximately 149 million cumulative tracks by the end of 2023, and has established agreements with several top record labels [8].