Alibaba, along with Yunfeng Financial, an investment group backed by Alibaba founder Jack Ma, have entered into an agreement to invest approximately $700 million in NetEase Cloud Music as part of its latest funding round. Founded in 2013, NetEase Cloud Music boasts over 800 million registered users. The streaming service partnered with Alibaba's own service , Xiami, last year in an effort to share their content libraries. "Alibaba also looks forward to becoming a partner in the future development of NetEase Cloud Music and exploring innovative collaboration in the digital entertainment space," added Daniel Zhang, CEO of Alibaba Group.
Comment:
In recent years, music streaming services have been gaining more users through copyrights. Alibaba's collaboration with Net Ease Cloud Music this time will create more benefits by sharing copyrights.
(Editor Dou YiKe)
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