Changes in Hong Kong stocks | NetEase Cloud Music (09899) rose nearly 5%, and the AI Music Creation Contest officially launched the “AI Song Writing” fun feature on its platform

The Zhitong Finance App learned that NetEase Cloud Music (09899) rose nearly 5%. As of press release, it had risen 4.48% to HK$195.9, with a turnover of HK$12.44.

According to news, on December 11, NetEase Cloud Music's “One Million Prize AI Music Creation Contest” was officially launched. According to information, the prize money for this competition is currently the highest in the field of AI music competitions in China, with prizes of 500,000 yuan, 200,000 yuan, and 100,000 yuan for the championship, runner-up and third place respectively. At the same time, in order to encourage the creation of high-quality AI songs, the NetEase Cloud Music Platform has also launched a new AI song incentive campaign. All musicians residing on the platform can participate.

Earlier, the NetEase Tianyin platform, a subsidiary of NetEase Cloud Music, was officially launched to test the “AI Song Writing” fun function. The function aims to lower the threshold of music creation through artificial intelligence technology and provide users with a convenient experience of “turning inspiration into songs with one click”. Users can access “AI Song Writing” through the mobile homepage and enter inspirational phrases to generate a complete song.

According to the Research and Markets report, the market value of generative AI in the global music industry has reached US$41985 million in 2024, and is growing rapidly at an annual growth rate of 53.34%. The report predicts that the value of AI in the global music market will soar to 4.3 billion US dollars in 2029 and reach 22.57 billion US dollars in 2034. The market prospects are very broad.