NetEase Cloud Music released its 2021 financial reports on Friday, which revealed that the music platform’s revenue for the full year increased by 43% to RMB 7 billion ($1 billion), accounting for 8% of total revenues taken in by Cloud Music’s parent company, Netease. Cloud Music also boosted its gross profit margin by 14 percentage points to 2% in 2021, reaching RMB 142.7 million, while the company cut its annual loss by 30.3% to RMB 2 billion last year. In the following year, Cloud Music will prioritize user growth in the long term and explore avenues for increasing profit in various businesses. The company’s main competitor Tencent Music took RMB 31.24 billion in revenue for 2021, representing a 7.2% year-on-year increase. [NetEase Cloud Music]