NetEase Cloud Music Inc

09899: XHKG (HKG)

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Soda Music Pulls Back on Freebies While Premium Demand Holds at Tencent Music and Cloud Music

Ivan Su

Oct 27, 2026

September industry data showed broadly stable paying ratios and rising premium-tier penetration at Tencent Music and Cloud Music. Meanwhile, our recent checks on ByteDance's Soda Music found fewer AI covers and more tracks available only to paying users.

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NetEase Cloud Music Inc

Soda Music Pulls Back on Freebies While Premium Demand Holds at Tencent Music and Cloud Music

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