On August 24, NetEase’s Cloud Music released its financial results for the first half of 2023, showing that the company’s revenue was RMB 3.91 billion ($537 million) in this period, an 8.2% year-on-year decrease. The adjusted net profit for the same period was RMB 332 million ($46 million), marking a year-on-year turnaround to profit from the adjusted net loss of RMB 217 million ($30 million) in the first half of 2022. According to NetEase Cloud Music, the company adjusted its business strategy in 2023 by enhancing online music services and controlling the costs of social entertainment services such as livestreams. During the first half of 2023, the monthly active users of Cloud Music’s online music services reached 206.7 million, representing a 13.7% year-on-year growth. Its revenue from the online music service sector was RMB 2.021 billion ($278 million), a 13.3% increase, with subscription sales revenue reaching RMB 1.71 billion ($235 million). Revenues generated by social entertainment and other services accounted for RMB 1.89 billion ($260 million), reflecting a 23.9% year-on-year decrease, according to the company’s financial report. [NetEase Cloud Music filing, in Chinese]
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