China’s interactive music streaming service provider, NetEase Cloud Music, announced on Dec. 27 that boyband concert TFBOYS has broken the Guinness World Record for the most viewed paid concert.
NetEase (NTES) said that the concert was streamed on NetEase Cloud Music on Aug. 22 and was viewed by over 786,000 fans.
Online music concerts have been gaining popularity in China amid a halt in live events due to the coronavirus pandemic.
NetEase Cloud Music said it continued to develop online live shows, including the “Bedroom Live Music Festival” and other online events, and is exploring further options for other virtual shows in 2020.
On Nov. 11, Tigress Financial analyst Aaron Ju reiterated a Buy rating on the stock citing “sustainable growth of online mobile gaming, as well as the healthy momentum of the innovative business, continues to drive accelerating Business Performance.”
“NetEase will continue to benefit from sustainable growth in online games driven by its strong performance of legacy IPs and a diversified and robust new game portfolio post-COVID-19 outbreak. NetEase’s commitment to overseas gaming expansion strategy will pave the way for its long-term success,” Ju wrote in a note to investors. “Youdao Education will be NetEase’s new revenue growth engine, driven by robust demand in China education market and Youdao’s high retention rate on premium courses. The rapid growth in cloud music and Yanxuan will continue to drive NetEase’s innovative business growth.”
“We believe significant upside from current levels exists for long-term investors and recommend purchase at current levels,” the analyst summed up. (See NTES stock analysis on TipRanks)
From the rest of the Street, the stock scores an analyst consensus of a Strong Buy based on 5 unanimous Buys. The average analyst price target of $108.50 implies upside potential of 17% to current levels. Share prices have gained 51% year-to-date.
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