Battle of the bands to defeat Tencent

Two Chinese internet giants have joined forces to support independent musicians and to face Tencent, the superpower in online music streaming.

NetEase Cloud Music has finally closed its Series B round of funding led by Baidu. It is a deal that has firmly tied the AI and internet conglomerate into the online music streaming battlefield. 

China Everbright, General Atlantic and Boyu Capital also participated in this more than $600 million investment. NetEase Cloud Music’s valuation has now more than tripled to $3.5 billion, up from a previous value of around $1.1 billion.

 

NetEase Cloud Music raised $108 million in its Series A fundraising last year led by municipal-backed Shanghai Media Group and two funds. There...

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