(Yicai Global) Nov.13 -- Chinese freemium streamer NetEase Cloud Music has raised over USD600 million in funding, led by strategic partner Baidu, General Atlantic, Boyu Capital and several others.

NetEase remains the controlling shareholder of the unit, according to a statement from the Beijing-based firm, adding that the platform aims to grow its market share following the capital injection.

"Baidu has always been committed to creating the most powerful content ecosystem," said Wang Lu, Vice President of Baidu. "We have found that Chinese users still have a lot of room for online music, Netease Cloud Music has made a name for itself in terms of its differentiated user offering, together with Baidu's leadership in feed business, search content distribution capabilities in China, we look forward to working together to provide users with enhanced service through the strongest content distribution, and the highest quality content ecosystem."

China's music streaming market is expected to expand considerably with sectoral per capita spending in the country projected to quadruple from 2017 to 2023, according to iResearch. Industry revenues are expected to hit CNY376 million this year, states a report from ASKCI Consulting.

"Pay-for-content is a growing trend, especially among Generation Z users, driven by increasing affordability and improving protection of intellectual property," said Eric Zhang, managing director at General Atlantic. "We are deeply impressed with the NetEase Cloud Music team's understanding of the music industry and their commitment to the user experience. We are excited to partner with NetEase Cloud Music and its strategic partners as the platform delivers one of the best online music streaming services and supports independent artists for content creation in the China online music market."

Launched in April 2013, NetEase Cloud Music has grown to become one of China's biggest music streamers with users increasing by one-third in the past twelve months to reach more than 600 million. The platformfocuses on providing a differentiated and premium user experience.