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NetEase reports $3.4 billion revenue in Q3 as Cloud Music continues to grow

NetEase reports $3.4 billion revenue in Q3 as Cloud Music continues to grow thumbnail

Leading Chinese tech firm NetEase on Thursday reported a 10.1% year-on-year revenue growth to RMB 24.4 billion ($3.4 billion) in the third quarter of 2022. Revenue from games and related value-added services came to RMB 18.7 billion, a 9.1% yearly increase. NetEase’s Cloud Music service saw a relatively strong growth of 22.5% to RMB 2.4 billion, compared to the third quarter of 2021. Net income attributable to the company’s shareholders doubled from the same period last year to RMB 6.7 billion. NetEase also confirmed in its financial report that its licensing agreement with Blizzard Entertainment will expire in January 2023 and will not be renewed, however the company noted that these titles only contribute “single digits” as a percentage of the firm’s total net revenue. In addition, rival companies may find it difficult to replace NetEase as a Blizzard partner as any new deal would require new licensing approvals from China’s regulator. [NetEase, press release]


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