NetEase Cloud Music's 2024 Half-Year Report Revenue, Profit, and User Data Highlights
TapTechNews August 22nd news, NetEase Cloud Music has just released the latest half-year report of 2024, and TapTechNews summarizes the highlights as follows:
Revenue of 4.07 billion Chinese yuan, an increase of 4.1% year-on-year.
Gross profit of 1.426 billion Chinese yuan, an increase of 47.7% year-on-year.
Gross margin increased to 35.0%, an increase of 10.3 percentage points from 24.7% in the same period of 2023.
Profit before income tax of 814 million Chinese yuan, an increase of 160.8% year-on-year.
Profit for the period of 810 million Chinese yuan, an increase of 175.7% year-on-year.
Adjusted net profit of 881 million Chinese yuan, an increase of 165.4% year-on-year.
Online music service revenue of 2.56 billion Chinese yuan, an increase of 26.6% year-on-year.
Membership subscription sales revenue of 2.1443 billion Chinese yuan, compared to 1.709 billion in the same period last year.
Revenue from social entertainment services and other decreased by 19.9% from 1.887 billion to 1.511 billion.
The user group size remained basically stable, and the daily active/monthly active ratio remained above 30%.
R & D expenses decreased by 10.2% from 441 million Chinese yuan to 396 million Chinese yuan, mainly due to the improvement of the utilization rate of technical resources and the reduction of employee welfare expenses due to the optimization and adjustment of the employee structure.
As of June 2024, the number of registered independent musicians on the platform exceeded 732,000, and about 3.6 million music tracks were uploaded.
The average listening time of long audio per user on the platform increased significantly by 49.4%.
NetEase Cloud Music also emphasized that in addition to the subscription business, it also strengthened the advertising commercialization ability during the period, which benefited from the improvement of operating efficiency, the optimization of the effect advertising algorithm, and more diversified advertising forms and measures, thus contributing to the growth of advertising revenue.
