NETEASE MUSIC (09899) surged nearly 5%, reaching HK$195.9 by the time of writing, with a trading volume of HK$12.44. The rally follows the official launch of the "Million-Dollar AI Music Creation Competition" on December 11. The competition offers the highest prize pool in China's AI music event sector, with winners receiving awards of RMB 500,000, RMB 200,000, and RMB 100,000 for first, second, and third places, respectively.

To further encourage high-quality AI-generated music, NETEASE MUSIC has introduced an incentive program allowing platform-registered musicians to participate. Earlier, its subsidiary platform NetEase Tianyin rolled out a beta feature called "AI Songwriting," designed to simplify music creation through artificial intelligence. The tool enables users to transform creative ideas into full songs instantly by inputting keywords via mobile.

According to Research and Markets, the generative AI market in the global music industry reached $419.85 million in 2024, growing at an annual rate of 53.34%. The report forecasts that AI's value in the music market will surge to $4.3 billion by 2029 and $22.57 billion by 2034, highlighting vast growth potential.