HK Stock Market Move | NETEASE MUSIC (09899) up nearly 5%, AI music creation competition officially launched. The platform had previously launched a fun feature called "AI Songwriting".

NETEASE MUSIC (09899) rose nearly 5%, as of the deadline, it rose 4.48% to 195.9 Hong Kong dollars, with a turnover of 12.44 Hong Kong dollars. On the news front, on December 11, NETEASE MUSIC officially launched the "Million Dollar AI Music Composition Competition." It is understood that the prize amount for this competition is the highest in the domestic AI music competition field, with first, second, and third place prizes reaching 500,000, 200,000, and 100,000 yuan respectively. At the same time, to encourage the creation of high-quality AI songs, NETEASE MUSIC platform has also launched a new AI Song Incentive Fund activity, in which all music artists on the platform can participate. Earlier, NETEASE MUSIC's NetEase Tianyin platform officially launched the "AI Songwriting" fun feature for testing. This feature aims to lower the threshold for music creation through artificial intelligence technology, providing users with a convenient experience of "turning inspiration into songs with one click." Users can enter "AI Songwriting" on the mobile homepage, enter inspiring words or phrases, and generate a complete song. According to a Research and Markets report, the market value of generative AI in the global music industry has reached 419.85 million US dollars in 2024, with a rapid growth rate of 53.34% per year. 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, indicating a very promising market outlook.