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Kuke Music Holding Limited (NYSE: KUKE) is a prominent classical music service platform in China, offering a comprehensive suite of services ranging from music licensing to education. The company's digital music library boasts an impressive collection of approximately 3 million audio and video music tracks, including 98% of the world's classical music, with about 500,000 tracks.
Kuke licenses its extensive collection of classical music content to a variety of clients, including online music entertainment platforms like Tencent Music Entertainment Group and digital music service providers such as NetEase Cloud Music. Additionally, the company serves film and TV production companies, airlines, smart hardware companies, and more. Users can conveniently access this rich catalog through Kuke's website, mobile app, and smart music devices.
In recent news, Kuke reported its unaudited interim financial results for the first half of 2023, highlighting a total revenue of RMB 62.1 million and a net profit of RMB 9.0 million. The company has strategically restructured its business to focus more on music copyright management and has significantly reduced operating expenses. Kuke continues to enhance its portfolio of music rights-related products and services and is implementing cost-saving measures to improve efficiency.
Among its recent developments, the company announced its entry into the classical music car connectivity market and plans to launch a new application for individual end-users in the second quarter of 2024. This app aims to provide a high-quality classical music experience through intuitive interfaces, voice control, and personalized music recommendations.
Additionally, Kuke has established a dedicated Technical Research and Development Center in Guangzhou to enhance technological integration with its global strategic partner, Naxos Music Group. This initiative aims to support continuous product development and technical maintenance, further solidifying Kuke's position in the digital music industry.
Kuke has also formed strategic partnerships to promote music education. The company is collaborating with the China National Youth Palace Association to organize a series of music education events, including online choral events and music teacher training courses. These initiatives reflect Kuke's commitment to social responsibility and its efforts to democratize music learning through technological innovation.
As part of its forward-looking strategy, Kuke has recently formed an AI team to develop intelligent music recommendations and generate music content, aiming to enhance user experience and explore new opportunities in the AI music field.
Kuke Music Holding Limited (NYSE: KUKE) reported a strong first quarter of 2022 with total revenue of RMB26.1 million (US$4.1 million), marking a 128.8% increase year-over-year. Classical music licensing revenue soared by 275.8%, while smart music learning solutions climbed 183.1%. However, gross profit fell to RMB0.2 million (US$31.0 thousand), down from RMB3.2 million, due to elevated royalty costs. The net loss for the quarter was RMB35.0 million (US$5.5 million), slightly improved from RMB37.0 million in 2021. The company continues its strategic focus on expanding its classical music library and enhancing educational solutions.
Kuke Music Holding Limited (NYSE: KUKE), a leading classical music service platform in China, filed its annual report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC on May 2, 2022. The report includes audited consolidated financial statements and is available on the company's investor relations website and SEC's site. Kuke is recognized for its vast classical music content library and its proprietary AI learning system, KUKEY, aimed at enhancing music education across China.
Kuke Music Holding Limited (NYSE: KUKE) will release its unaudited financial results for Q1 2022 on May 26, 2022, before U.S. market opening. A conference call will follow at 8:00 A.M. U.S. Eastern Time to discuss results, accessible via various dial-in numbers. Kuke, a leading classical music platform in China, has a vast library supported by global partner Naxos, serving over 800 institutions. Kuke aims to democratize music learning with its AI system, KUKEY, and has hosted the Beijing Music Festival for 24 years.
Kuke Music Holding Limited (NYSE: KUKE) has announced its sponsorship of the 10th Fritz Kreisler International Violin Competition in Vienna, Austria, scheduled from September 17 to 25, 2022. This partnership with Naxos aims to enhance Kuke's global brand presence and promote classical music education. Kuke, recognized as a leading classical music platform in China, focuses on expanding its influence through various initiatives and competitions, reinforcing its commitment to fostering future musical talent.
Kuke Music Holding Limited (NYSE: KUKE) has appointed Elijah Chen as its new Artistic Advisor, overseeing content planning for both Kuke and its NFT platform, KOLO. Chen brings over 25 years of experience in the classical music industry, having held key positions at major record labels like Universal Music Group and Sony Music. CEO He Yu believes her expertise will enhance Kuke’s content development and artistic innovation, particularly in the evolving landscape of classical music NFTs. Kuke aims to integrate art, technology, and finance to strengthen its market position.
Kuke Music Holding Limited (NYSE: KUKE) reported its fourth quarter and full-year 2021 financial results. Total revenue in Q4 was RMB123.8 million (US$19.4 million), a 3.2% decrease from 2020. Net profit dropped to RMB16.8 million (US$2.6 million) from RMB44.2 million in Q4 2020. For the full year, revenue rose by 85.4% to RMB302.0 million (US$47.4 million), but net loss increased to RMB56.1 million (US$8.8 million). Active students grew to 32,424 in Q4 2021. Kuke plans to expand its smart music solutions and invest in NFT platforms.
Kuke Music Holding Limited (NYSE: KUKE) announced plans to release its unaudited financial results for Q4 and the full year ending December 31, 2021, before the U.S. market opens on March 16, 2022. A conference call led by management will take place at 8:00 A.M. ET on the same day to discuss the results. Listeners can access the call via designated numbers, and a replay will be available for one week. Kuke is recognized as a leading classical music service platform in China, supporting music licensing and learning services.
Kuke Music Holding Limited (NYSE: KUKE) has established a blockchain business unit and made a strategic investment in KOLO, a leading NFT platform for classical music. This initiative aims to utilize blockchain to protect digital music copyrights and enhance monetization of classical music assets. The KOLO platform has successfully auctioned classical music NFTs, including renowned pieces like Spring Festival Overture. With plans to release new NFTs weekly, Kuke seeks to innovate the classical music industry and build a digital economy for musicians.
Kuke Music Holding Limited (NYSE: KUKE) reported a remarkable Q3 2021 with total revenues soaring to RMB82.7 million (US$12.8 million), reflecting a 343.6% increase year-over-year. Key segments showed impressive growth: licensing and subscription revenue rose to RMB41.0 million (up 162.8%), while smart music learning solutions jumped 838.2% to RMB27.5 million. Despite a loss of RMB24.4 million due to share-based compensation and impairment losses, non-IFRS profit turned positive at RMB20.5 million (US$3.2 million), showcasing operational resilience amid challenges.
Kuke Music Holding Limited (NYSE: KUKE) announced initial screenings of the 16th International Beethoven Piano Competition across five cities in China, celebrating Beethoven's 251st birthday. The screenings, sponsored by Kuke and Naxos, will be held from November 6 to November 7 at Lumiere Pavilions. CEO He Yu highlighted Kuke's commitment to inspire future pianists in China and leverage its strong position in classical music to deliver innovative content. Kuke provides access to extensive classical music resources and aims to enhance music learning through its AI system, KUKEY.
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