Kuke and Jidou Join Forces in the AI Music Market
Kuke Music Holding (NYSE: KUKE), a prominent classical music service platform in China, announced its venture into the AI music sector and its integration into automotive applications.
On June 14, 2024, Kuke signed an 'Application Market Cooperation Agreement' with Shanghai Jidou Science and Technology Co. The partnership aims to launch Kuke's AI music application in Jidou's car application store.
Jidou is a leading provider of digital automotive software services for brands like Audi, BMW, Porsche, and others. Senior management from both companies expect this collaboration to enhance the user experience and ecosystem of automotive cockpit software by incorporating AI music technology.
Kuke plans to continue investing in AI music technology, aiming to provide innovative products and services that offer personalized music experiences for users.
- Kuke's venture into AI music technology signifies a strategic expansion into a high-growth sector.
- The partnership with Jidou opens up new market opportunities in the automotive industry, targeting major brands like Audi, BMW, and Porsche.
- The agreement with Jidou marks an important technological innovation milestone for Kuke.
- Kuke's commitment to continuous investment in AI music technology indicates a long-term growth strategy.
- Integration of AI music into car networking platforms could enhance user experiences, making Kuke's offerings more attractive.
- There is no immediate financial data or forecast provided to assess the impact of this partnership on Kuke's revenues.
- The success of the AI music application in the automotive market depends heavily on user adoption and acceptance, which remains uncertain at this stage.
- Potential high development costs associated with continuous investment in AI music technology could affect Kuke's profitability.
Insights
The collaboration between Kuke Music Holding Limited and Shanghai Jidou Science and Technology Co., Ltd. marks a significant step in integrating AI music into automotive environments. The move aligns with a broader trend where AI is increasingly being used to personalize and enhance user experiences. By leveraging AI, Kuke aims to deliver customized music recommendations and an enriched auditory experience in vehicles. This can potentially set a new standard for in-car entertainment systems. However, it’s important to monitor how quickly these features can be rolled out and adopted by end-users. The success of this venture will depend on the seamless integration of AI music tech into Jidou’s automotive software and the user reception. This partnership could also spur further innovation and competition in the AI music space.
From a market perspective, Kuke's entry into the AI music field in collaboration with Jidou taps into two lucrative markets: AI technology and automotive software. Both sectors are experiencing robust growth and integrating them could open substantial revenue streams. Kuke’s strategic move to enhance the in-car music experience can differentiate its service offerings and potentially attract more users. However, investors should be mindful of the execution risks, including technological challenges and the pace of market adoption. The partnership with Jidou, which services high-profile car brands, provides a strong platform for Kuke to leverage its technology, but the ultimate impact on Kuke’s financials will depend on user uptake and competitive responses from other players in the market.
Beijing, June 14, 2024 (GLOBE NEWSWIRE) -- Kuke Music Holding Limited ("Kuke" or the "Company") (NYSE: KUKE), a leading classical music service platform in China with approximately 3 million audio and video music tracks, recently announced its entry into the AI music field and the integration of its AI music technology into automobiles. The Company has formed a professional team dedicated to developing and promoting AI music-related features, which will gradually be launched on KUKE's and partners’ apps, bringing users a brand new music experience.
A new partner in Kuke’s business development in AI music is Shanghai Jidou Science and Technology Co., Ltd. ("Jidou”). On June 14, 2024, Kuke has signed an "Application Market Cooperation Agreement" with Jidou. According to the agreement, Kuke will launch its AI music application in the car application store developed by Jidou. Jidou is a leading provider of intelligent and digital automotive software and services for car companies, including Audi, BMW, Porsche, Volkswagen, Toyota, Nissan, BYD, Bentley, FAW, SAIC, and GAC.
Senior Management Views:
Kuke's senior management stated that AI technology will bring new development opportunities to the music industry and car networking services. In the future, the Company will continue to invest in AI music technology, launch more innovative products and services, and enhance the user music experience.
Representatives of Jidou also stated that this cooperation will further enrich the application ecosystem of its automotive cockpit software platform. Utilizing Kuke's AI technology, they aim to provide users with more intelligent and personalized music services.
This cooperation marks an important breakthrough in technological innovation and user experience enhancement for Kuke and Jidou. With the continuous development and application of AI music technology, users will experience unprecedented musical enjoyment on car networking platforms.
About Kuke Music Holding Limited (NYSE: KUKE)
Kuke is a leading classical music service platform in China encompassing the entire value chain from content provision to music learning services, with approximately 3 million audio and video music tracks. By collaborating with its strategic global business partner Naxos, the largest independent classical music content provider in the world, the foundation of Kuke's extensive classical music content library is its unparalleled access to more than 900 top-tier labels and record companies. Leveraging its market leadership in international copyrighted classical music content, Kuke provides highly scalable classical music licensing services to various online music platforms, and classical music subscription services to over 800 universities, libraries and other institutions across China. In addition, it has hosted Beijing Music Festival ("BMF"), the most renowned music festival in China, for 24 consecutive years. Through KUKEY, the Company's proprietary smart music learning solutions, Kuke aims to democratize music learning via technological innovation, bring fascinating music content and professional music techniques to more students, and continuously improve the efficiency and penetration of music learning in China. For more information about Kuke, please visit https://ir.kuke.com/
Forward-looking Statements
This announcement contains forward looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Statements that are not historical facts, including but not limited to statements about Kuke's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including those in Kuke's registration statement filed with the Securities and Exchange Commission. Further information regarding these and other risks is included in Kuke's filings with the SEC. All information provided in this press release is as of the date of this press release, and Kuke undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For further information, please contact.
Kuke Music Holding Limited:
Investor Relations
Email: ir@kuke.com
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