Vietnam’s largest streaming music site receives funding from CyberAgent Ventures

NhacCuaTui.com, described as the largest music site in Vietnam, has received an investment with undisclosed terms from CyberAgent Ventures on 3rd February, the VC firm announced.

NCT is a very popular music streaming website in the country, with around 10 million monthly users. The company name, translated as “my music” in English, is headquartered in Ho Chi Minh City and is headed by Nhan The Luan as president and CEO.

“Now is the time for us to continue with the next step, to double the content and quality for the site and lead the online music market trend in Vietnam,” he told e27.

The company has so far signed a profit sharing agreement with two major record labels, Universal Music Group and Sony Music Entertainment. This allows them to stream to users copyrighted audio and video content from both labels. They claim to be the first music site in Vietnam to feature content from overseas markets.

The investment in NCT is the seventh made by CyberAgent Ventures in Vietnam. It’s the first from the CyberAgent Asia Internet Fund I, which focuses on Internet companies in Vietnam and Indonesia.

The VC firm has been making concerted moves towards expanding into Asia. They already have offices in Tokyo, Beijing, Shanghai, Shenzhen, and Taipei.

CyberAgent Ventures is a subsidiary of CyberAgent, a leading Internet group in Japan that produces web and mobile apps, as well as online games. They are involved in producing and executing Internet advertising too.