More than 1 million independent artists are now signed directly to NetEase Cloud Music, China’s second-largest music streaming platform.
The company revealed that milestone in its FY 2025 results, published on Wednesday (February 11).
NCM also reported that its subscription revenues rose 13.3% YoY to RMB 5.1 billion (approximately $715 million), up from RMB 4.5 billion in 2024, driven by “continuous growth in monthly paying users of online music services with enhanced user experience, expanded membership benefits and enriched music community content”.
The company said the growth was partly offset by a dilution in monthly ARPPU (average revenue per paying user) due to changes in subscriber mix – a trend it also flagged in its H1 results.
However, NCM said its “fast-growing subscriber base also demonstrated stronger stickiness, with higher retention and activity levels.”
Meanwhile, total revenue from online music services rose 12.0% YoY to RMB 6.0 billion ($842 million), up from RMB 5.4 billion.
Over 1 million independent artists
One of the standout figures in NCM’s full-year results was the growth of its independent artist ecosystem.
By the end of 2025, the company said that more than 1 million independent artists had contributed more than 5.6 million tracks to the platform.
That’s a significant jump from the 819,000 independent artists and 4.8 million tracks NCM reported at the half-year mark in August 2025, and a major increase from the 611,000 independent artists and 2.6 million tracks on the platform at the end of 2022.
It also cements NCM’s lead over larger rival Tencent Music Entertainment in this area. TME’s Tencent Musician Platform counted 580,000 indie artists as of the end of 2024, meaning NCM’s indie artist community is now nearly double the size of TME’s — despite TME operating a far larger overall platform. (TME is due to report its full-year 2025 results on March 17.)
As MBW has previously reported, the combined number of artists signed directly to the independent distribution and label services arms of TME and NCM stood at approximately 1.4 million as of mid-2025. With NCM alone now surpassing 1 million, that combined figure has likely grown to well over 1.5 million.
These artists don’t just release music via the platforms — the hottest acts also receive career-accelerating benefits including music-making assistance, marketing support, and brand partnership opportunities.
NCM said it provides “end-to-end support across content creation, promotion and monetisation” for its independent artists.
During the year, it launched an “Original Sound Promoters” campus ambassador program to help surface independent music to broader audiences, including a discovery and promotion network among university students.
The company also connected independent musicians with brands and gaming partners to “grow their commercial reach.” Those partnerships included collaborations with Audi, Chanel, Honor, China Mobile, and Taobao, as well as customized songs for popular games such as Fantasy Westward Journey and Identity V.
“By supporting independent musicians and developing in-house music, we actively promote the growth of original Chinese music.”
NetEase Cloud Music
NCM’s in-house music studios also continued to produce original tracks, with the company highlighting hit songs such as “Liang Nan” and “What Ifs,” which it said “gained broad recognition both on and off the platform.”
A collaboration between MIYEON and Jike Juyi, titled “Glow Up,” also “garnered widespread attention and sparked discussion internationally,” the company said.
licensing expansion
NCM’s results come amid a wave of recent licensing activity for the platform.
In January, Universal Music Group struck a multi-year licensing deal with NetEase Cloud Music covering UMG‘s full recording catalog in China, including artist-centric provisions and terms covering artificial intelligence. The deal also includes plans for joint marketing campaigns and product features aimed at expanding NCM’s premium and Super VIP subscription tiers.
Earlier this month, the Music Copyright Society of China (MCSC) signed licensing agreements with both NCM and Tencent Music, a development welcomed by South Korea’s Komca as a “meaningful turning point” for the collection and distribution of Korean music royalties in China. NCM’s agreement with MCSC includes retroactive coverage for prior usage.
During 2025, NCM added content from K-Pop labels including RBW, StarShip, and Shofar Music, and secured a deal with Korean production company Most Contents to stream over 70 K-drama soundtracks in China. Those Korean deals sit alongside NCM’s existing partnerships with SM Entertainment, JYP Entertainment, YG Entertainment, Kakao Entertainment, and CJ ENM.
The company also supplemented its Chinese music catalog with tracks from artists such as Li Jian, Lay Zhang, Jackson Yee, and Miriam Yeung, and enriched its OST library with content from Hong Kong broadcaster TVB.
NCM said it further strengthened offerings across its “signature genres,” including hip-hop, Japanese ACG, and Western music, partnering with Japan’s Kadokawa and U/M/A/A and collaborating with Deco*27 to bring more J-Pop and ACG content to the platform.
The company said it played “an instrumental role” in the launches of Mariah Carey and Taylor Swift’s new albums in China, with both seeing “outstanding streaming performance” on the platform. Digital albums from Hua Chenyu, David Tao, Allen Ren, and Eason Chan also “delivered impressive sales results,” while a tailored campaign for JENNIE’s digital album, featuring exclusive virtual and physical music cards, drove further sales.
NCM also worked closely with labels and artists on online and offline campaigns, including a large-scale activation for Hua Chenyu’s 12th debut anniversary, flash mob events across four cities for BLACKPINK’s 9th anniversary, and online programs celebrating the anniversaries of (G)I-DLE and Mayday.
Profitability jumps
Overall company revenue declined slightly, falling 2.4% YoY to RMB 7.8 billion ($1.09 billion), from RMB 8.0 billion in 2024. As with prior reporting periods, this was dragged down by a continued drop in social entertainment services revenue, which fell to RMB 1.8 billion from RMB 2.6 billion.
The company said that decline was “primarily attributed to a more prudent operational strategy in the social entertainment services,” adding that it “continued to focus on our core music business, with the intention of supporting long-term growth.”
Despite the slight dip in total revenue, NCM reported a sharp improvement in profitability.
Operating profit surged 38.5% YoY to RMB 1,622.0 million ($228 million), up from RMB 1,170.8 million in 2024.
Adjusted operating profit rose 32.4% YoY to RMB 1,733.7 million.
Net profit jumped to RMB 2,745.8 million ($385 million), compared with RMB 1,565.4 million in 2024. The company noted that the figure was boosted by a deferred income tax credit of RMB 746.7 million, which arose from the recognition of deferred tax assets related to cumulative tax losses at a wholly-owned subsidiary.
Adjusted net profit reached RMB 2,860.0 million, up from RMB 1,700.1 million in 2024.
Gross margin improved to 35.7%, up from 33.7% in 2024, which NCM attributed to increased revenue from online music services and “continued improvement in operating efficiency.”
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