The key data of music genuine rate is missing. What is the odds of Netease cloud music IPO?

5 month 26 Sunday night , Netease cloud music officially submitted its prospectus to the Hong Kong stock exchange , The number of music libraries owned by the prospectus 、 The number of independent musicians' works has been disclosed , However, it did not disclose the genuine rate of its music works .《 Finance and economics, 》E FA also pointed out once again the core problem of Netease cloud music , The following is a 《 Finance and economics, 》E French text ：

Introduction : Although the genuine rate is not mandatory to disclose information , However, due to copyright issues, various compliance risks may arise , Even significant risks , It is very important to disclose the genuine rate in the music industry .

Tencent music goes public 3 After year , Another platform for the online music market —— Netease cloud music also opens the way to listing .5 month 26 Sunday night , Netease cloud music officially submitted its prospectus to the Hong Kong stock exchange .

Although the prospectus disclosed that Netease cloud music has more than 6000 Ten thousand songs Library , The number of independent musicians exceeds 100 ten thousand . But for the genuine rate of the collected music works , The prospectus does not disclose , This has aroused the attention of the industry . Although the genuine rate is not mandatory to disclose information , However, due to copyright issues, various compliance risks may arise , Even significant risks , It is very important to disclose the genuine rate in the music industry .

《 Finance and economics, 》E Can't notice , At present, the online music platforms listed at home and abroad are Tencent music and Spotify. among , Tencent music 2020 Copyright music coverage disclosed in the annual report —— That is, the genuine rate is 85%;Spotify stay 2018 When listed in , The genuine rate disclosed in the prospectus is also 85%. The legalization rate of international platforms usually reaches 85% about .

About the coverage of copyright music on domestic online music platforms , The available data also remain 5 Years ago .2016 year 7 month , IResearch consulting, a third-party consulting and research institution, released 《2016 China Online Music Industry Research Report 》. This report is the first to count the copyright music coverage of several major domestic mainstream music platforms , The genuine rate of Netease cloud music is 70%, The second . Over the next few years , Except that Tencent music disclosed the genuine rate in the prospectus and annual report , There is no latest information about the genuine rate of other online music platforms .

however , Netease cloud music prospectus includes copyright issues in risk factors . Major risks include , Most of its music content comes from the authorization of content partners , Licensing from several online music platforms and competing with them in the same market . Netease cloud music cannot guarantee that it will continue to obtain the current copyright with favorable and commercially reasonable royalty rates and terms in the future , Or no authorization at all . There is no guarantee that you have all the licenses for music on the platform , Because we need to get authorization from many copyright owners , And some of them are unknown , And there are complex legal issues .

According to Chinese law , To obtain the right to provide music content on the Internet or allow users to download or play music on the platform , Or provide other related online music services , Must obtain authorization from the appropriate copyright owner for one or more economic rights , Including the copyright of Ci and Qu, the right of recording, etc .

Third parties may claim that Netease cloud music infringes their copyright on relevant content or has other infringements . When the relevant copyright owner is found , Netease cloud music has worked hard in the past and will continue to work hard to obtain the authorization of unauthorized tracks , And enter into an agreement with the relevant copyright owners . If Netease cloud music fails to obtain full authorization for all internal services provided on the platform , According to domestic law , Or will have to take responsibility . The laws involved include 《 Copyright law 》、《 Regulations on the protection of the right of information network dissemination 》 etc. .

The prospectus also disclosed , Netease cloud music mainly includes three channels to obtain music copyright ： Brand （ Big record companies ） And other institutions , Pay licensing fees based on guaranteed minimum or performance , The amount of the fee depends on the content 、 The popularity of performers and their relationship with brands , And signed agreements with several online music platforms , Get what they authorized ; Independent musician , It refers to registering on the platform as an independent musician and releasing songs on the platform , Sign a license agreement with one of the outstanding independent musicians （ It's usually a recording 、 Ci Qu Quan ）, May be exclusive or non exclusive , Based on performance （ Play volume 、 Sales volume of digital specialty 、 Advertising revenue 、 Virtual gifts, etc ） Pay the authorization fee ; Sign service agreements and revenue sharing agreements with live online performers and guilds （ Including authorization UGC The content is copyrighted accordingly ）.

As for the copyright protection process and Policy , Netease cloud music will be removed from the shelves after receiving the infringement notice . If it is the content uploaded by the user , The user account will be suspended or terminated . in addition , There is also a special team responsible for purchasing copyrights and there is a special process , Ensure that the contents of the music library are legal .

Disputes about Netease cloud music copyright occasionally arise , From time to time, some hot events broke out .

2018 year 4 month 1 The surprise sale of Jay Chou's songs on the th is one of them , It caused an uproar in the music industry . According to the copyright agreement , The license expiration date of Jay Chou Music in Netease cloud music is 2018 year 3 month 31 Japan .3 month 31 Japan 17 spot 24 branch , After the agreement expires, the notice of song off the shelf will be sent to NetEase . But in 3 month 31 Japan 22 spot , Netease customer service account started to play music in Netease cloud APP Push the system message of Jay Chou's song coming off the shelves , And recommend users to buy the collection .3 month 31 Japan 23 spot 44, Netease cloud music publishes microblog on official wechat , Once again, guide users to buy the collection .4 month 1 Day zero 45 branch , Netease cloud music on the shelves 《 A collection of Jay Chou's popular songs 》, And through Netease operation and customer service push news , Recommend users to buy Jay Chou collection again .4 month 1 Japan 7 P.m. , The sale is over , Netease cloud music has sold Jay Chou for about 9 Hours , The total sale is about 10.23 Ten thousand singles , The total amount is about 20.46 Ten thousand yuan . This surprise sale took place in 4 month 1 After the day , in other words , On sale , The license agreement has been terminated .

《 Finance and economics, 》E The law searches the Chinese adjudication document net to discover , from 2017 So far this year , Netease cloud music has been listed as the defendant in more than cases due to copyright issues 270 rise . Someone familiar with the matter told 《 Finance and economics, 》E Law , In the near future , China Music Copyright Association began to complain about Netease cloud music about music copyright infringement in various application markets .

《 Finance and economics, 》E Reasons for failure to disclose the genuine rate in the prospectus , At present, the legitimate rate and other issues have sent interview emails to NetEase , But as of the time of publication , No response from the other party .