Cloud Music Inc

09899: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$526.00	Zvxr	Ltrfcsf

Cloud Music Is Set for Long-Term Subscriber Growth and Margin Improvement

Ivan Su

Mar 11, 2024

Business Strategy and Outlook

Cloud Music is the second largest music streaming platform in China, with over 180 million monthly active users, about one third that of Tencent Music Entertainment’s, or Tencent Music. As exclusive licensing practices have been prohibited by China’s antitrust laws, we believe Cloud Music should now grow its content through direct licensing from music labels at costs lower than sublicensing from Tencent Music. This could allow it to grow subscribers rapidly and gain market share in the music streaming industry.

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