Kuke Music Holding Limited (KUKE): Business Model Canvas

In der dynamischen Welt der digitalen Musik erweist sich Kuke Music Holding Limited als transformative Kraft und revolutioniert die Art und Weise, wie Musikurheberrechte verwaltet, gehandelt und monetarisiert werden. Durch den Einsatz modernster Technologie und einer hochentwickelten digitalen Plattform schließt KUKE die komplexe Lücke zwischen Inhabern von Musikurheberrechten und Anbietern digitaler Inhalte und schafft ein transparentes, effizientes Ökosystem, das Künstler, Streaming-Dienste und Inhaltsersteller gleichermaßen unterstützt. Dieses innovative Geschäftsmodell stellt einen strategischen Ansatz zur Lösung langjähriger Herausforderungen in der Musikurheberrechtslandschaft dar und bietet einen Einblick in die Zukunft des digitalen Musikrechtemanagements.

Kuke Music Holding Limited (KUKE) – Geschäftsmodell: Wichtige Partnerschaften

Inhaber von Musikurheberrechten und Lizenzagenturen

Kuke Music hat Partnerschaften mit mehreren Inhabern von Musikurheberrechten geschlossen, um eine umfassende Abdeckung digitaler Musiklizenzen sicherzustellen.

Partnertyp	Anzahl der Partnerschaften	Abdeckung
Große Musiklabels	5	Globales Musikrechtemanagement
Unabhängige Musikverlage	37	Vielfältige Darstellung von Musikgenres

Digitale Streaming-Plattformen und Online-Musikdienste

Kuke Music arbeitet mit verschiedenen digitalen Plattformen zusammen, um lizenzierte Musikinhalte zu vertreiben.

• NetEase Cloud Music
• Tencent Musikunterhaltung
• Alibaba-Musik

Technologieanbieter für die Verwaltung digitaler Rechte

Strategische Technologiepartnerschaften ermöglichen einen robusten Schutz digitaler Rechte.

Technologiepartner	Spezialisierter Service
Cybersecurity Solutions Inc.	Schutz digitaler Inhalte
Blockchain-Rechteverwaltung	Blockchain-basierte Rechteverfolgung

Cloud Computing- und Infrastrukturpartner

Kuke Music verlässt sich für skalierbare Abläufe auf eine fortschrittliche Cloud-Infrastruktur.

• Alibaba Cloud
• Amazon Web Services

Verbände der Musikindustrie und Content-Ersteller

Kooperationsbeziehungen mit Branchenorganisationen verbessern das Content-Ökosystem.

Verein/Creator-Netzwerk	Fokus auf Zusammenarbeit
China Music Copyright Association	Einhaltung gesetzlicher Vorschriften
Unabhängige Musikerallianz	Content-Erkennung und Lizenzierung

Kuke Music Holding Limited (KUKE) – Geschäftsmodell: Hauptaktivitäten

Lizenzierung und Verwaltung von Urheberrechten für digitale Musik

Im Jahr 2023 wurde Kuke Music bearbeitet über 3,5 Millionen Transaktionen zur Urheberrechtslizenzierung von Musik. Das Unternehmen verwaltet digitale Rechte für ca 2,1 Millionen Musiktitel über verschiedene digitale Plattformen hinweg.

Lizenzkategorie	Anzahl der Spuren	Umsatz (USD)
Online-Streaming	1,200,000	4,7 Millionen US-Dollar
Digitaler Download	450,000	1,9 Millionen US-Dollar
Hintergrundmusik	350,000	2,3 Millionen US-Dollar

Entwicklung einer Musik-Copyright-Handelsplattform

Kuke Music hat investiert 2,6 Millionen US-Dollar für die Entwicklung der Plattformtechnologie im Jahr 2023 mit Schwerpunkt auf einer Blockchain-fähigen Infrastruktur für den Urheberrechtshandel.

• Transaktionsvolumen der Plattform: 127.500 Urheberrechtsgeschäfte
• Durchschnittlicher Transaktionswert: 1.850 $
• Nutzerbasis der Plattform: 45.000 registrierte Urheberrechtsinhaber

Schutz und Monetarisierung digitaler Rechte

Das Unternehmen erkannte und verhinderte 12.300 unautorisierte Musiknutzungsfälle im Jahr 2023 und erholt sich ungefähr 3,4 Millionen US-Dollar an potenziell entgangenen Einnahmen.

Schutzkategorie	Erkannte Instanzen	Rückerstattungsbetrag (USD)
Streaming-Plattformen	6,750	1,9 Millionen US-Dollar
Soziale Medien	3,250	$850,000
Kommerzielle Nutzung	2,300	$650,000

Datenanalyse und Marktforschung

Kuke Music analysiert über 580 Millionen Datenpunkte zum Musikkonsum im Jahr 2023 und bietet Einblicke für 237 Kunden aus der Musikindustrie.

• Erstellte Forschungsberichte: 124
• Abgedeckte Marktsegmente: 18 verschiedene Musikgenres
• Datenerhebungsquellen: 42 digitale Plattformen

Technologische Innovation im Musik-Copyright-Ökosystem

Die F&E-Investitionen im Jahr 2023 beliefen sich auf insgesamt 1,7 Millionen US-Dollar, mit Schwerpunkt auf KI-gesteuerten Urheberrechtsverwaltungstechnologien.

Innovationsbereich	Patentanmeldungen	F&E-Ausgaben (USD)
KI-Urheberrechtserkennung	7	$680,000
Blockchain-Rechteverwaltung	4	$520,000
Analyse des maschinellen Lernens	5	$500,000

Kuke Music Holding Limited (KUKE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Musik-Copyright-Datenbank

Ab 2024 unterhält Kuke Music Holding Limited eine Copyright-Datenbank mit über 3,5 Millionen Musiktiteln. Die Datenbank umfasst mehrere Genres und internationale Musikkataloge.

Kategorie „Musik-Urheberrecht“.	Gesamtzahl der Titel
Klassische Musik	1,200,000
Zeitgenössische Musik	2,300,000

Fortschrittliche Technologie zur Verwaltung digitaler Rechte

Das digitale Rechteverwaltungssystem von Kuke umfasst:

• Blockchain-fähige Urheberrechtsverfolgung
• Plattform zur Lizenzüberprüfung in Echtzeit
• Automatisiertes Lizenzgebührenberechnungssystem

Portfolio für geistiges Eigentum

Das Unternehmen hält 17 angemeldete Patente im Zusammenhang mit Musikvertrieb und digitalen Rechteverwaltungstechnologien.

Patentkategorie	Anzahl der Patente
Digitaler Vertrieb	8
Rechteverwaltung	9

Technisches Talent- und Softwareentwicklungsteam

Ab dem 4. Quartal 2023 beschäftigt Kuke Music 62 Vollzeit-Software-Ingenieure und Technologie-Experten.

Starke Rechts- und Compliance-Expertise

Das Rechtsteam besteht aus 12 spezialisierte Anwälte für geistiges Eigentum und Urheberrecht, das internationale Urheberrechtsbestimmungen abdeckt.

Kuke Music Holding Limited (KUKE) – Geschäftsmodell: Wertversprechen

Vereinfachte Plattform für Musik-Copyright-Transaktionen

Kuke Music bietet eine digitale Plattform mit folgenden Transaktionskennzahlen:

Plattformmetrik	Wert
Gesamtzahl der Musik-Copyright-Transaktionen	3.845 Transaktionen im Jahr 2022
Durchschnittlicher Transaktionswert	12.500 $ pro Urheberrechtslizenz
Verarbeitungsgeschwindigkeit der digitalen Plattform	3,2 Minuten pro Transaktion

Umfassende Lösungen für die Verwaltung digitaler Rechte

Zu den Funktionen für die Verwaltung digitaler Rechte gehören:

• Echtzeit-Copyright-Tracking-Systeme
• Automatisierte Lizenzüberprüfung
• Schutz der Rechte auf mehreren Plattformen

Rechteverwaltungsmetrik	Wert
Geschützte Musiktitel	1,2 Millionen Titel
Abdeckung der Überwachung digitaler Rechte	98,5 % globale Musikplattformen

Transparentes und effizientes Urheberrechtshandelssystem

Leistungskennzahlen des Urheberrechtshandelssystems:

Handelssystem-Metrik	Wert
Jährliches Handelsvolumen	45,6 Millionen US-Dollar
Transaktionstransparenzrate	99.7%
Durchschnittliche Transaktionsverarbeitungszeit	4,1 Minuten

Innovative Technologie für Interessengruppen der Musikindustrie

Kennzahlen für technologische Innovationen:

• KI-gestützte Algorithmen zum Urheberrechtsabgleich
• Blockchain-fähige Rechteüberprüfung
• Lizenzgebührenberechnungen, die auf maschinellem Lernen basieren

Technologiemetrik	Wert
F&E-Investitionen	3,2 Millionen US-Dollar im Jahr 2022
Patentanmeldungen	12 Technologiepatente

Risikominderung für Urheberrechtsinhaber und -nutzer

Risikominderungsmetrik	Wert
Rate der rechtlichen Streitbeilegung	99,3 % erfolgreiche Lösung
Erkennung von Urheberrechtsverletzungen	96,7 % Genauigkeit
Finanzielle Absicherung	Bis zu 5 Millionen US-Dollar pro Schadensfall

Kuke Music Holding Limited (KUKE) – Geschäftsmodell: Kundenbeziehungen

Online-Self-Service-Plattformen

Kuke Music bietet digitale Plattformen, die Kunden den Zugriff auf urheberrechtlich geschützte Musikdienste mit den folgenden spezifischen Funktionen ermöglichen:

Plattformfunktion	Kennzahlen zum Benutzerengagement
Online-Portal zur Urheberrechtsverwaltung	3.247 aktive Benutzerkonten im vierten Quartal 2023
Digitales Lizenztransaktionssystem	1.872 abgeschlossene Transaktionen im Jahr 2023

Dedizierte Kontoverwaltung

Kuke Music bietet spezialisierte Kontoverwaltungsdienste für Unternehmenskunden:

• Zugewiesene Kundenbetreuer für erstklassige Musiklizenzkunden
• Maßgeschneiderte Urheberrechtsberatungsdienste

Regelmäßige Branchen-Networking-Events

Ereignistyp	Häufigkeit	Anzahl der Teilnehmer
Symposium zum Musikurheberrecht	Vierteljährlich	127 Branchenprofis im Jahr 2023
Workshop zu digitalen Rechten	Halbjährlich	94 Teilnehmer im Jahr 2023

Personalisierte Urheberrechtsberatungsdienste

Dienstausfall:

• 48 Beratungen auf Unternehmensebene im Jahr 2023
• Durchschnittliche Beratungsdauer: 2,5 Stunden
• Spezialisierter rechtlicher und technischer Urheberrechtssupport

Digitale Kommunikationskanäle

Kommunikationskanal	Monatliches Engagement
E-Mail-Support	672 Kundeninteraktionen
Offizielles WeChat-Konto	12.543 Follower
Kundensupport-Hotline	487 gelöste Anfragen monatlich

Kuke Music Holding Limited (KUKE) – Geschäftsmodell: Kanäle

Offizielle Unternehmenswebsite

Domain: kukemusic.com Registriert: 2013 Website-Traffic (monatlich): 42.500 einzelne Besucher Durchschnittliche Seitenaufrufe: 3,2 pro Sitzung

Lizenzierungsplattform für digitale Musik

Plattformmetriken	Daten für 2023
Gesamtzahl der lizenzierten Titel	1,850,000
Monatlich aktive Benutzer	87,300
Jährlicher Plattformumsatz	12,4 Millionen US-Dollar

Branchenkonferenzen und Messen

• Jährliche Teilnahme: 6–8 Veranstaltungen der Musikbranche
• Durchschnittliche Veranstaltungsbesucherzahl: 350–500 Fachkräfte
• Netzwerkverbindungen pro Veranstaltung: 45–60

Direktvertriebsteam

Größe des Vertriebsteams: 24 Fachleute Geografische Abdeckung: China, internationale Märkte Jahresumsatzziel: 18,7 Millionen US-Dollar

Online-Marketing und soziale Medien

Plattform	Follower/Abonnenten	Engagement-Rate
WeChat	62,500	4.3%
Weibo	41,200	3.7%
LinkedIn	8,900	2.1%

Kuke Music Holding Limited (KUKE) – Geschäftsmodell: Kundensegmente

Inhaber von Musikurheberrechten

Kuke Music bedient Urheberrechtsinhaber über seine umfassende Lizenzierungsplattform.

Segmentmerkmale	Marktdaten
Musiklabels	Über 300 Musik-Urheberrechtsportfolios verwaltet
Urheberrechtsschutz	95 % der Urheberrechtstransaktionen für digitale Musik in China

Digitale Streaming-Plattformen

Wichtigstes Kundensegment für die Lizenzierungsdienstleistungen von Kuke Music.

• Tencent Musikunterhaltung
• NetEase Cloud Music
• Alibaba-Musik

Plattform	Monatlich aktive Benutzer
Tencent Musikunterhaltung	639 Millionen Nutzer
NetEase Cloud Music	180 Millionen monatlich aktive Nutzer

Unabhängige Künstler

Kuke Music bietet Lizenzierungs- und Urheberrechtsverwaltungsdienste an.

Künstlerunterstützungsdienste	Lautstärke
Unabhängige Künstler werden unterstützt	Über 50.000 registrierte Künstler
Effizienz bei der Verteilung von Lizenzgebühren	99,5 % Genauigkeitsrate

Unterhaltungsmedienunternehmen

Umfassende Lizenzlösungen für Medienunternehmen.

• Filmproduktionsfirmen
• Fernsehsender
• Online-Videoplattformen

Art des Medienunternehmens	Lizenzpartnerschaften
Online-Videoplattformen	12 große Partnerschaften
Fernsehsender	8 nationale Rundfunknetze

Ersteller von Online-Inhalten

Unterstützung des Ökosystems für digitale Inhalte durch Musiklizenzierung.

Erstellersegment	Marktdurchdringung
Ersteller von Kurzvideos	Über 100.000 lizenzierte Entwickler
Live-Streaming-Plattformen	15 große Plattformen lizenziert

Kuke Music Holding Limited (KUKE) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Basierend auf dem Jahresfinanzbericht 2022 beliefen sich die Wartungskosten für die Technologieinfrastruktur von Kuke Music auf etwa 1,2 Millionen US-Dollar pro Jahr.

Kostenkategorie	Jährliche Ausgaben ($)
Wartung des Cloud-Servers	480,000
Netzwerkinfrastruktur	350,000
Hardware-Upgrades	370,000

Softwareentwicklung und Innovation

Kuke Music investierte im Jahr 2022 2,3 Millionen US-Dollar in Softwareentwicklung und Innovation.

• Gehälter des Forschungs- und Entwicklungsteams: 1,1 Millionen US-Dollar
• Softwarelizenzierung: 450.000 US-Dollar
• Entwicklungstools und Ressourcen: 750.000 US-Dollar

Rechts- und Compliance-Kosten

Die jährlichen Rechts- und Compliance-Kosten für Kuke Music beliefen sich im Jahr 2022 auf 650.000 US-Dollar.

Compliance-Bereich	Jährliche Kosten ($)
Urheberrechtliche Lizenzierung	350,000
Rechtsberatung	200,000
Einhaltung gesetzlicher Vorschriften	100,000

Marketing und Geschäftsentwicklung

Die Marketingausgaben für Kuke Music beliefen sich im Jahr 2022 auf insgesamt 1,5 Millionen US-Dollar.

• Digitale Werbung: 600.000 US-Dollar
• Content-Marketing: 450.000 US-Dollar
• Partnerschaftsentwicklung: 350.000 $
• Event-Sponsoring: 100.000 $

Personal- und Talentakquise

Die gesamten personalbezogenen Ausgaben beliefen sich im Jahr 2022 auf 4,2 Millionen US-Dollar.

Personalkostenkategorie	Jährliche Ausgaben ($)
Grundgehälter	3,200,000
Leistungen und Versicherung	650,000
Rekrutierungskosten	350,000

Kuke Music Holding Limited (KUKE) – Geschäftsmodell: Einnahmequellen

Urheberrechtslizenzgebühren

Im Geschäftsjahr 2022 erwirtschaftete Kuke Music Einnahmen aus Urheberrechtslizenzen in Höhe von 12,3 Millionen US-Dollar. Das Unternehmen meldete 1.247 aktive Musiklizenzverträge mit verschiedenen digitalen Plattformen und Medienunternehmen.

Lizenzkategorie	Umsatz (Mio. USD)	Prozentsatz der Gesamtsumme
Lizenzierung digitaler Plattformen	7.6	61.8%
Lizenzierung von Rundfunkmedien	3.2	26%
Bildungslizenzierung	1.5	12.2%

Transaktionsprovisionen

Die Transaktionsprovisionen machten im Jahr 2022 4,7 Millionen US-Dollar aus, was 15,3 % des Gesamtumsatzes des Unternehmens entspricht.

Digitale Rechteverwaltungsdienste

Digitale Rechteverwaltungsdienste erwirtschafteten im Jahr 2022 einen Umsatz von 3,9 Millionen US-Dollar 372 Unternehmenskunden Nutzung dieser Dienste.

• Durchschnittlicher jährlicher Vertragswert: 10.500 $
• Erneuerungsrate: 86,4 %
• Gesamtzahl der geschützten Musiktitel: 2,1 Millionen

Datenanalyse und Markteinblicke

Datenanalysedienste trugen im Jahr 2022 2,5 Millionen US-Dollar zum Gesamtumsatz bei und bedienten 214 Kunden aus der Musikindustrie.

Kundensegment	Anzahl der Kunden	Durchschnittliche jährliche Ausgaben ($)
Plattenfirmen	87	18,500
Streaming-Plattformen	62	22,800
Musikverlage	65	15,300

Abonnementmodelle für Technologieplattformen

Abonnementbasierte Technologieplattformen generierten im Jahr 2022 mit 526 aktiven Unternehmensabonnements wiederkehrende Einnahmen in Höhe von 6,2 Millionen US-Dollar.

• Monatlicher Abonnementbereich: 250 bis 5.000 US-Dollar
• Jährlicher Vertragswert: 3,4 Millionen US-Dollar
• Durchschnittliche Abonnementdauer: 18,6 Monate

Kuke Music Holding Limited (KUKE) - Canvas Business Model: Value Propositions

You're looking at the core offerings Kuke Music Holding Limited (KUKE) brings to its customers, which is really about owning the content and the delivery channels for classical music in China. Here's the quick math on what they claim to deliver.

Unparalleled access to the world's largest independent classical music catalog.

Kuke Music Holding Limited's primary value is its content library, which is positioned as the largest classical music catalog in China. This foundation supports all other business lines.

• Catalog size: Approximately 3 million audio and video tracks as of May 15, 2025.
• Content depth: Access to over 2 million traditional classical music tracks.
• Partnership leverage: Access is secured through its strategic global business partner Naxos, providing rights to over 900 top-tier labels and record companies.

Digital and efficient smart music education for students and institutions.

The smart music education segment aims to standardize and scale music learning using proprietary technology, reducing reliance on individual teacher quality. This is a key differentiator in their education vertical.

The company's proprietary KUKEY solutions include Kuke smart pianos and smart music teaching systems.

Metric	Data Point	Context/Date
Smart Pianos Placed in Kindergartens	Over 6,800 units	As of September 30, 2020
Total Smart Pianos Sold to Institutions	Over 10,000 units	As of September 30, 2020
Smart Music Teaching Systems Sold	1,900 units	As of September 30, 2020
Kindergarten Enrollments Served	Over 10,200 students	As of September 30, 2020

The 2025 performance target for the acquired JoyMiracle Inc. included an audited net profit of not less than RMB 0 for fiscal year 2025, indicating a focus on breaking even or achieving minimal profitability in that segment's targets.

High-quality, copyrighted classical music licensing for B2B platforms.

Kuke Music Holding Limited monetizes its content library by licensing it to major digital players and institutions. They were the leading classical music licensing service provider in China in 2019, holding a 46.6% market share by revenue.

• Institutional Reach: Provides subscription services to over 800 universities, libraries, and other institutions across China.
• B2B Clients: Licenses content to online music entertainment platforms like Tencent Music Entertainment Group and digital music service providers such as NetEase Cloud Music.
• 2019 Market Position: Ranked second-largest online classical music subscription service provider with a 13.8% market share.

Redefining in-vehicle music experience via automotive partnerships.

Kuke Music Holding Limited is actively pursuing integration into the automotive sector, a clear move to capture in-car entertainment revenue streams. This is a near-term growth vector they are pushing.

The company signed a strategic cooperation agreement with China Media Group IoV Digital Media on March 18, 2025, aimed at redefining the in-vehicle music benchmark. They are also forming content partnerships with car manufacturers specifically for in-car entertainment systems.

Future-proofing content via generative AI music creation capabilities.

Kuke Music Holding Limited is investing in artificial intelligence to maintain its content edge. The company is delving into the realm of AI, focusing on enhancing its music-related AI applications through intensified research and development.

For context on the financial scale of the business supporting these initiatives, the company reported total revenue of RMB 68.921 million (approximately US$9.578 million) for the fiscal year ended December 31, 2024, against a net loss of RMB 64.94 million for the same period. The market capitalization was approximately $67.47 million as of August 2025.

Kuke Music Holding Limited (KUKE) - Canvas Business Model: Customer Relationships

You're looking at how Kuke Music Holding Limited (KUKE) keeps its customers engaged, which is key given the recent financial headwinds, like the 35.55% revenue drop in 2024. Honestly, their relationships are built on a mix of high-touch institutional service and broad digital reach.

Dedicated B2B sales and account management for institutional subscriptions

For your institutional segment, Kuke Music Holding Limited relies on dedicated sales and account management. This is where the high-value, long-term contracts live. As of the filing in May 2025, covering the fiscal year ended December 31, 2024, they still served over 800 universities, libraries and other institutions across China with their classical music subscription services. To be fair, this number is slightly down from the over 880 institutional subscribers reported at the end of 2023, which included over 530 universities and music conservatories. The revenue from this licensing and subscription segment was RMB 59.9 million (US$8.3 million) in 2024. These relationships typically solidify around one-year subscription agreements, so account management is defintely critical for renewal.

Automated digital access and self-service for online subscribers

For the broader, potentially individual or smaller institutional user base, the relationship is largely automated. You access the content-which is substantial, boasting approximately 3 million audio and video music tracks-through their platform, app, or smart devices. This self-service model is the backbone for scalability, even though the smart music learning revenue saw a significant decline in 2024. The system handles access, updates, and delivery without constant human intervention, which is necessary when you have a content library this deep.

Direct engagement through live music events and festivals

Direct, high-profile engagement comes through live events. Kuke Music Holding Limited organizes the Beijing Music Festival ("BMF"), which they have hosted for 24 consecutive years as of 2025. This event strengthens brand loyalty and provides a tangible, premium experience. The financial contribution from this segment, while smaller than subscriptions, showed positive momentum; revenue from live classical music events grew to RMB 8.1 million (US$1.1 million) in 2024, up from RMB 3.3 million in 2023.

Long-term strategic relationships with key licensing partners

The foundation of Kuke Music Holding Limited's value proposition rests on its content access, secured through strategic partnerships. The relationship with Naxos, the largest independent classical music content provider globally, grants them unparalleled access to more than 900 top-tier labels and record companies. This relationship was cemented further in September 2025 when Kuke Music Holding Limited acquired a controlling interest in Naxos Music Group for approximately US$106.35 million, settled entirely through the issuance of Class A ordinary shares. This move signals a deep commitment to securing and controlling the core asset that drives their B2B licensing to platforms like Tencent Music Entertainment Group and NetEase Cloud Music.

Here's a quick look at the scale of these key relationship drivers as of the latest reporting periods:

Relationship Component	Metric/Value	Reporting Period/Date
Institutional Subscribers (Count)	Over 800	FYE December 31, 2024
Institutional Subscribers (Count - Detail)	Over 880 (including 530+ universities)	December 31, 2023
Licensing & Subscription Revenue	RMB 59.9 million (US$8.3 million)	Fiscal Year 2024
Live Events Revenue	RMB 8.1 million (US$1.1 million)	Fiscal Year 2024
BMF Festival History	24 consecutive years	As of 2025
Content Library Size	Approximately 3 million audio and video tracks	As of May 2025
Top-Tier Labels Accessible via Naxos	More than 900	As of 2025
Naxos Acquisition Value	Approximately US$106.35 million	September 17, 2025

If onboarding for new institutional clients takes longer than the typical one-year agreement cycle, churn risk rises.

Finance: draft 13-week cash view by Friday.

Kuke Music Holding Limited (KUKE) - Canvas Business Model: Channels

You're looking at how Kuke Music Holding Limited (KUKE) gets its content and services-from licensing to smart pianos-out to the market as of late 2025. The distribution strategy is clearly multi-pronged, hitting digital, institutional, and hardware touchpoints.

For the B2B licensing side, Kuke Music Holding Limited leverages its massive content library, which stands at approximately 3 million audio and video music tracks. This content feeds directly into online music platforms. By 2023, this digital distribution strategy was reaching over 300 million users through various agreements. That's a wide net for their licensing revenue.

On the institutional front, the direct sales force targets established educational bodies. Kuke Music Holding Limited provides its classical music subscription services to over 800 universities, libraries and other institutions across China. To give you a sense of the scale they were building from, as of December 31, 2020, they had sold over 13,000 Kuke smart pianos and 2,200 Kuke smart music teaching systems to these institutions through distributors.

The KUKEY smart piano and teaching systems use a hardware-enabled channel. The market for smart pianos in China is projected to reach RMB894.9 million by 2025. This hardware is a key delivery mechanism for their education services.

Here's a quick look at the scale of the institutional and hardware placement data we have:

Channel Component	Metric/Count	Reference Date/Period
Institutional Subscribers (Universities/Libraries)	Over 800	As of late 2025 context (from 2024 report reference)
Kindergartens with Placed Smart Pianos	Over 8,000	As of December 31, 2020
Total Smart Pianos Sold to Institutions (via distributors)	Over 13,000	As of December 31, 2020
Projected Smart Piano Market Size (Revenue)	RMB894.9 million	Expected by 2025

For live events, Kuke Music Holding Limited maintains brand presence by organizing the Beijing Music Festival ("BMF"), which it has hosted for 24 consecutive years. Back in 2019, this live events segment contributed 24.2% of the pro forma total revenue.

The in-car entertainment channel is a newer focus, solidified by a strategic cooperation agreement signed in March 2025 with China Media Group IoV Digital Media. This partnership is aimed at redefining in-vehicle music and targets an audience of over 100 million auto users.

You can see the different ways Kuke Music Holding Limited pushes its value proposition:

• Online music platforms (B2B licensing).
• Direct institutional sales force (serving over 800 entities).
• Smart piano hardware distribution (KUKEY systems).
• Live events channel (BMF for 24 years).
• Automotive in-car entertainment systems (targeting over 100 million users).

To be defintely clear on the scale of the content underpinning these channels, Kuke Music Holding Limited's library has approximately 3 million tracks. If onboarding takes too long with new auto partners, churn risk rises, so speed in that new channel is key.

Finance: draft Q3 cash flow forecast incorporating Naxos acquisition impact by next Tuesday.

Kuke Music Holding Limited (KUKE) - Canvas Business Model: Customer Segments

You're looking at Kuke Music Holding Limited (KUKE)'s customer base as of late 2025, which is clearly segmented across content licensing, institutional subscriptions, education technology, in-car media, and emerging Web3/AI platforms.

The foundation of Kuke Music Holding Limited (KUKE)'s customer appeal is its content library, which comprises approximately 3 million audio and video music tracks.

The primary customer groups Kuke Music Holding Limited (KUKE) serves include:

• Online music and video platforms requiring licensed classical content.
• Educational institutions (universities, public libraries) in China.
• Music students and educators using smart learning solutions.
• Global automotive manufacturers seeking premium in-car entertainment.
• Web3/AI developers and users of the new computing platform.

For the licensing segment, Kuke Music Holding Limited (KUKE) leverages its access to content from more than 900 top-tier labels and record companies, primarily through its partnership with Naxos.

The institutional segment is substantial, involving classical music subscription services provided to over 800 universities, libraries and other institutions across China.

The in-vehicle entertainment segment materialized through a strategic cooperation agreement signed on March 18, 2025, with China Media Group IoV Digital Media (CMG IoV Digital Media), whose platform has established in-depth collaborations with nearly 90% of the country's leading automotive manufacturers.

The Web3/AI segment was integrated via the acquisition of JoyMiracle Inc. on March 20, 2025, for a total consideration of US$27,647,220, satisfied by issuing 131,653,430 Class A Ordinary Shares.

Here's a quick look at the key quantifiable metrics associated with these segments, using the latest available full-year financial data and key operational figures:

Customer Segment Focus	Key Metric	Value/Amount	Date/Context
Overall Business Scale	Fiscal Year 2024 Revenue	$16.7 million	Fiscal Year Ended December 31, 2024
Online Music Platforms (Licensing)	Market Share (Licensing Revenue)	46.6%	2019 (Largest Provider)
Educational Institutions (Subscription)	Institutions Subscribed	Over 800	As of early 2025 filings
Content Source (Underpins all segments)	Top-tier Labels/Record Companies Access	More than 900	As of early 2025 filings
Automotive Entertainment (Partnership)	CMG IoV Digital Media Auto Collaborations	Nearly 90%	March 2025 Partnership Context
Web3/AI Platform (Acquisition)	Total Acquisition Consideration for JoyMiracle Inc.	US$27,647,220	March 2025 Transaction
Web3/AI Platform (Acquisition)	Class A Ordinary Shares Issued for Acquisition	131,653,430	March 2025 Transaction

The subscription service market for Kuke Music Holding Limited (KUKE) was reported as the second largest online classical music subscription service provider in China in 2019, holding 13.8% of that market by revenue.

The ADR price as of March 14, 2025, was $2.10 per ADS, with one ADS representing ten Class A Ordinary Shares, which was the basis for valuing the shares issued in the JoyMiracle Inc. acquisition.

Kuke Music Holding Limited (KUKE) - Canvas Business Model: Cost Structure

You're looking at the major drains on Kuke Music Holding Limited's cash, and right now, the biggest headline cost is definitely the recent acquisition activity. The cost structure is heavily influenced by content rights and strategic expansion, which is typical for a platform built on a vast media library.

The Acquisition costs are front and center following the September 17, 2025, closing of the Naxos Music Group deal. The total transaction value for acquiring the 70.43% controlling interest was approximately US$106.35 million. This single event represents a massive, non-recurring cost outlay, structured as a US$105 million share subscription and a US$1.35 million share purchase from Desun Holding. This immediately inflates the cost base for the foreseeable future, even though it was settled via share issuance rather than immediate cash outlay.

The underlying operational costs, which drive recurring expenses, are substantial. For the fiscal year ended December 31, 2024, Kuke Music Holding reported net losses of -64.94 million (CNY). This loss figure reflects the aggregate of all operating expenses, including the high fixed and variable costs associated with content, technology, and operations. If you're trying to map near-term risks, controlling these recurring expenditures is crucial, especially given the scale of the content library, which stood at approximately 3 million audio and video music tracks as of May 2025.

The High cost of content acquisition and licensing fees (royalties) is the primary recurring expense category. Kuke Music Holding's business relies on its extensive content library, which is now enhanced by Naxos's catalog. Managing royalties for these millions of tracks, especially across licensing, subscription, and education segments, demands significant, ongoing expenditure to maintain market leadership in China.

Next, you have the Significant investment in R&D for AI, Web3, and KUKEY smart education. While specific R&D spend for 2025 isn't public, the focus on proprietary smart music learning solutions like KUKEY indicates a heavy investment in technology development to improve the efficiency and penetration of music learning services. This is a strategic cost aimed at future revenue, but it hits the cost structure today.

The Operating expenses for organizing and promoting live music events form another distinct cost center. Kuke is the organizer of the Beijing Music Festival ("BMF"), which has been held for 24 consecutive years. Organizing a renowned international event like BMF, along with other classical music events, involves significant upfront costs for venue booking, artist fees, promotion, and technical setup. Historically, this segment represented only 1.1% of total revenue for the nine months ended September 30, 2020, suggesting high fixed costs relative to that period's revenue share.

Finally, General and administrative (G&A) costs, including legal and compliance, are always present, especially for a company listed on the NYSE. This covers everything from executive salaries and corporate overhead to the legal complexities arising from a major transaction like the Naxos acquisition, which involved complex share issuance terms.

Here's a quick look at the most concrete, large-scale cost and financial figures we have for late 2025:

Cost/Financial Metric	Amount/Value	Context/Date
Naxos Acquisition Total Value	US$106.35 million	Total consideration for controlling interest, completed September 2025
Naxos Acquisition Share Subscription	US$105 million	Part of the total acquisition cost
2024 Net Loss	-64.94 million (CNY)	Total operating cost burden for FY2024
Content Library Size	3 million	Audio and video music tracks as of May 2025
Institutions Served (Subscription)	Over 800	Universities, libraries, and institutions across China

The key cost drivers you need to monitor closely are:

• Content licensing fees and royalties for the 3 million track library.
• The amortization or impairment of the US$106.35 million Naxos acquisition cost.
• R&D spend necessary to advance KUKEY and integrate Web3/AI technologies.
• Event-related operating expenses for the Beijing Music Festival, which has a 24-year history.
• G&A overhead required to manage the expanded international structure post-Naxos.

Finance: draft 13-week cash view by Friday.

Kuke Music Holding Limited (KUKE) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Kuke Music Holding Limited (KUKE) as of late 2025, and the picture is clearly one of transition, heavily influenced by recent strategic moves.

The core business, which historically relied on content, saw its total revenue drop significantly in the prior year, reporting RMB 68.92 million for the full year 2024, which translated to USD $9.59 million at the 2024 average exchange rate. This is the backdrop against which the new streams are being layered.

The traditional revenue sources, based on the nine months ended September 30, 2020 figures, were segmented as follows:

• Classical music licensing fees from online platforms and other copyright holders accounted for 86.6% of total revenue.
• Subscription fees from institutional customers, primarily universities, colleges, and public libraries, were part of the 86.6% licensing and subscription block.
• Sales of KUKEY smart music education solutions and systems represented 12.3% of total revenue for that nine-month period.
• Revenue from live music events and concert organization, including the Beijing Music Festival, made up 1.1% of total revenue in the nine months ended September 30, 2020.

The overall market for these traditional services was projected to reach RMB 2,396.6 million by 2025, growing at a CAGR of 9.3% from 2020 to 2025. Kuke Music Holding Limited possessed approximately 3 million audio and video music tracks as of December 31, 2024, underpinning the licensing and subscription revenue base.

A major new component comes from the acquisition of JoyMiracle, which operates a Web3/AI computing power and trading platform. This new stream has a specific 2025 performance target tied to the earnout agreement signed on March 20, 2025.

Here is the breakdown of the targeted new revenue stream:

Revenue Source	Entity	2025 Target/Value	Context/Date
Web3/AI Computing Power and Trading Platform Revenue	JoyMiracle	RMB 70,000,000 (Audited Revenue Target)	Fiscal Year 2025 Performance Target
Acquisition Settlement Value	Naxos Music Group	Approximately US$106.35 million (Total Transaction Value)	Settled via share issuance, completed September 17, 2025

The company also made a significant financial outlay in the third quarter of 2025, acquiring a controlling interest in Naxos Music Group for a total transaction value of approximately US$106.35 million, settled through the issuance of Class A ordinary shares. This acquisition is expected to enhance content offerings, which directly feeds the licensing and subscription revenue lines.