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Baidu creates a mobile music application
Baidu (BIDU) has formed a special team to explore the revival of its music business, according to a TechNode report. Although Baidu was one of the first Chinese giants of technology to launch online music services in the country, his music business has failed to enforce , allowing bands like Tencent Music (TME) and NetEase (NTES) to dominate the scene.
According to the report, Baidu is developing a mobile music app and planning a massive media campaign, along with talent contests, to promote its revitalized music business.
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China's digital music market surpasses $ 1.1 billion
Digital music consumption is rising in China, thanks to a deeper penetration of the Internet in the country. According to government figures cited by TechCrunch, there were more than 800 million Internet users in China by the end of 2018. According to iResearch estimates, the digital music market in China accounted for more than 1 , $ 1 billion in 2018.
Baidu's efforts to expand its stake in the Chinese digital music market intensified last year, when the company invested in the NetEase unit called NetEase Cloud Music.
By launching his own music app, Baidu could help Tencent Music and other rivals take advantage of his troubled music project. Tencent Music made its IPO last year, which gave it a new opportunity to boost brand awareness in China and abroad and add to its war chest to face competitors. According to a Reuters article, Tencent Music would be interested in taking a stake in Vivendi's Universal Music Group (VIVHY), the world's largest music label.
Baidu's revenues jumped 22%
Baidu, China's leading search engine, posted revenue growth of 22 percent year-over-year to reach $ 4.0 billion in the fourth quarter. Google's Alphabet (GOOGL) and 39% Yoyx Yandex (YNDX) revenue jumped 22% over this period. Baidu publishes its first quarter results on May 16th.
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