Kuke Music Holding Limited (KUKE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la música digital, Kuke Music Holding Limited emerge como una fuerza transformadora, revolucionando cómo se gestionan, intercambian y monetizan los derechos de autor de la música. Al aprovechar la tecnología de vanguardia y una plataforma digital sofisticada, Kuke cierra la compleja brecha entre los propietarios de derechos de autor de la música y los proveedores de contenido digital, creando un ecosistema transparente y eficiente que empodera a artistas, servicios de transmisión y creadores de contenido. Este innovador modelo de negocio representa un enfoque estratégico para resolver desafíos de larga data en el panorama musical de derechos de autor, ofreciendo un vistazo al futuro de la gestión de los derechos de la música digital.

Kuke Music Holding Limited (Kuke) - Modelo de negocios: asociaciones clave

Titulares de derechos de autor de música y agencias de licencias

Kuke Music ha establecido asociaciones con múltiples titulares de derechos de autor de música para garantizar una cobertura integral de licencias de música digital.

Tipo de socio	Número de asociaciones	Cobertura
Grandes etiquetas musicales	5	Gestión de derechos musicales globales
Editores de música independientes	37	Diversa representación de género musical

Plataformas de transmisión digital y servicios de música en línea

Kuke Music colabora con varias plataformas digitales para distribuir contenido musical con licencia.

• Música en la nube de NetEase
• Tencent Music Entertainment
• Alibaba Music

Proveedores de tecnología para la gestión de derechos digitales

Las asociaciones de tecnología estratégica permiten una protección robusta de derechos digitales.

Socio tecnológico	Servicio especializado
CyberseCurity Solutions Inc.	Protección de contenido digital
Gestión de derechos de blockchain	Seguimiento de derechos basado en blockchain

Socios de computación e infraestructura de la nube

Kuke Music se basa en una infraestructura de nube avanzada para operaciones escalables.

• Nube de alibaba
• Servicios web de Amazon

Asociaciones de la industria musical y creadores de contenido

Las relaciones colaborativas con las organizaciones de la industria mejoran el ecosistema de contenido.

Red de Asociación/Creadores	Enfoque de colaboración
Asociación de Derechos de Autor de Música de China	Cumplimiento regulatorio
Alianza de músicos independientes	Descubrimiento de contenido y licencias

Kuke Music Holding Limited (Kuke) - Modelo de negocios: actividades clave

Licencias y gestión de derechos de autor de música digital

En 2023, Kuke Music procesó Más de 3,5 millones de transacciones de licencias de derechos de autor de música. La compañía administra los derechos digitales para aproximadamente 2.1 millones de pistas musicales a través de varias plataformas digitales.

Categoría de licencias	Número de pistas	Ingresos (USD)
Transmisión en línea	1,200,000	$ 4.7 millones
Descarga digital	450,000	$ 1.9 millones
Música de fondo	350,000	$ 2.3 millones

Desarrollo de la plataforma de comercio de derechos de autor de música

Kuke Music invertida $ 2.6 millones en desarrollo de tecnología de plataforma Durante 2023, centrándose en la infraestructura comercial de derechos de autor habilitada por blockchain.

• Volumen de transacción de la plataforma: 127,500 operaciones de derechos de autor
• Valor de transacción promedio: $ 1,850
• Base de usuarios de la plataforma: 45,000 titulares de derechos de autor registrados

Protección y monetización de los derechos digitales

La compañía detectó y prevenida 12.300 instancias de uso musical no autorizados en 2023, recuperando aproximadamente $ 3.4 millones en posibles ingresos perdidos.

Categoría de protección	Instancias detectadas	Monto de recuperación (USD)
Plataformas de transmisión	6,750	$ 1.9 millones
Redes sociales	3,250	$850,000
Uso comercial	2,300	$650,000

Análisis de datos e investigación de mercado

Kuke Music analizada Más de 580 millones de puntos de datos de consumo de música en 2023, proporcionando información a 237 clientes de la industria de la música.

• Informes de investigación generados: 124
• Segmentos de mercado cubiertos: 18 géneros musicales diferentes
• Fuentes de recopilación de datos: 42 plataformas digitales

Innovación tecnológica en el ecosistema de derechos de autor de la música

La inversión de I + D en 2023 totalizó $ 1.7 millones, centrándose en tecnologías de gestión de derechos de autor impulsadas por IA.

Área de innovación	Solicitudes de patentes	Gastos de I + D (USD)
AI Detección de derechos de autor	7	$680,000
Gestión de derechos de blockchain	4	$520,000
Análisis de aprendizaje automático	5	$500,000

Kuke Music Holding Limited (Kuke) - Modelo de negocios: recursos clave

Base de datos de derechos de autor de música extensa

A partir de 2024, Kuke Music Holding Limited mantiene un base de datos de derechos de autor de más de 3.5 millones de pistas musicales. La base de datos abarca múltiples géneros y catálogos de música internacional.

Categoría de derechos de autor de música	Pistas totales
Música clásica	1,200,000
Música contemporánea	2,300,000

Tecnología avanzada de gestión de derechos digitales

El sistema de gestión de derechos digitales de Kuke incluye:

• Seguimiento de derechos de autor habilitado para blockchain
• Plataforma de verificación de licencias en tiempo real
• Sistema automatizado de cálculo de regalías

Cartera de propiedades intelectuales

La compañía posee 17 patentes registradas Relacionado con la distribución musical y las tecnologías de gestión de derechos digitales.

Categoría de patente	Número de patentes
Distribución digital	8
Gestión de derechos	9

Equipo de desarrollo técnico de talento y software

A partir del cuarto trimestre de 2023, Kuke Music emplea 62 ingenieros de software a tiempo completo y profesionales de tecnología.

Fuerte experiencia legal y de cumplimiento

El equipo legal comprende 12 Abogados de propiedad intelectual especializada y derechos de autor, cubriendo las regulaciones internacionales de derechos de autor.

Kuke Music Holding Limited (Kuke) - Modelo de negocio: propuestas de valor

Plataforma de transacción de derechos de autor de música simplificada

Kuke Music ofrece una plataforma digital con las siguientes métricas de transacción:

Métrica de plataforma	Valor
Transacciones totales de derechos de autor de música	3,845 transacciones en 2022
Valor de transacción promedio	$ 12,500 por licencia de derechos de autor
Velocidad de procesamiento de plataforma digital	3.2 minutos por transacción

Soluciones integrales de gestión de derechos digitales

Las capacidades de gestión de derechos digitales incluyen:

• Sistemas de seguimiento de derechos de autor en tiempo real
• Verificación automatizada de licencias
• Protección de derechos multiplataforma

Métrica de gestión de derechos	Valor
Pistas de música protegidas	1.2 millones de pistas
Cobertura de monitoreo de derechos digitales	98.5% de plataformas de música global

Sistema de comercio de derechos de autor transparente y eficiente

Métricas de rendimiento del sistema de comercio de derechos de autor:

Métrica del sistema de negociación	Valor
Volumen de negociación anual	$ 45.6 millones
Tasa de transparencia de transacción	99.7%
Tiempo promedio de procesamiento de transacciones	4.1 minutos

Tecnología innovadora para partes interesadas de la industria musical

Métricas de innovación tecnológica:

• Algoritmos de correspondencia de derechos de autor de IA
• Verificación de derechos habilitados para blockchain
• Cálculos de regalías impulsados ​​por el aprendizaje automático

Métrica de tecnología	Valor
Inversión de I + D	$ 3.2 millones en 2022
Solicitudes de patentes	12 patentes tecnológicas

Mitigación de riesgos para propietarios y usuarios de derechos de autor

Métrica de mitigación de riesgos	Valor
Tasa de resolución de disputas legales	99.3% de resolución exitosa
Detección de infracciones de derechos de autor	96.7% de precisión
Cobertura de protección financiera	Hasta $ 5 millones por reclamo

Kuke Music Holding Limited (Kuke) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio en línea

Kuke Music proporciona plataformas digitales que permiten a los clientes acceder a los servicios de derechos de autor de música con las siguientes características específicas:

Característica de la plataforma	Métricas de participación del usuario
Portal de gestión de derechos de autor en línea	3.247 cuentas de usuario activas a partir del cuarto trimestre 2023
Sistema de transacción de licencias digitales	1.872 transacciones completadas en 2023

Gestión de cuentas dedicada

Kuke Music ofrece servicios especializados de gestión de cuentas para clientes empresariales:

• Gerentes de relaciones asignados para clientes de licencias de música de primer nivel
• Servicios de consulta de derechos de autor personalizados

Eventos regulares de redes de la industria

Tipo de evento	Frecuencia	Recuento de participantes
Simposio de copyright musical	Trimestral	127 profesionales de la industria en 2023
Taller de derechos digitales	Semestral	94 participantes en 2023

Servicios de consulta de derechos de autor personalizados

Desglose del servicio:

• 48 consultas de nivel empresarial en 2023
• Duración de consulta promedio: 2.5 horas
• Soporte especializado de derechos de autor legal y técnico

Canales de comunicación digital

Canal de comunicación	Compromiso mensual
Soporte por correo electrónico	672 Interacciones del cliente
Cuenta oficial de WeChat	12,543 seguidores
Línea directa de soporte al cliente	487 consultas resueltas mensualmente

Kuke Music Holding Limited (Kuke) - Modelo de negocios: canales

Sitio web oficial de la empresa

Dominio: kukemusic.com Registrado: 2013 Tráfico del sitio web (mensual): 42,500 visitantes únicos Vistas promedio de la página: 3.2 por sesión

Plataforma de licencia de música digital

Métricas de plataforma	2023 datos
Pistas con licencia total	1,850,000
Usuarios activos mensuales	87,300
Ingresos anuales de la plataforma	$ 12.4 millones

Conferencias de la industria y ferias comerciales

• Participación anual: 6-8 eventos de la industria musical
• Asistencia a eventos promedio: 350-500 profesionales
• Conexiones de redes por evento: 45-60

Equipo de ventas directas

Tamaño del equipo de ventas: 24 profesionales Cobertura geográfica: China, mercados internacionales Objetivo de ventas anual: $ 18.7 millones

Marketing en línea y redes sociales

Plataforma	Seguidores/suscriptores	Tasa de compromiso
Veloz	62,500	4.3%
Weibo	41,200	3.7%
LinkedIn	8,900	2.1%

Kuke Music Holding Limited (Kuke) - Modelo de negocios: segmentos de clientes

Propietarios de derechos de autor de música

Kuke Music sirve a los propietarios de derechos de autor a través de su plataforma de licencia integral.

Características de segmento	Datos de mercado
Etiquetas musicales	Más de 300 carteras de derechos de autor de música administradas
Cobertura de protección de derechos de autor	95% de las transacciones de derechos de autor de música digital en China

Plataformas de transmisión digital

Segmento clave de clientes para los servicios de licencias de Kuke Music.

• Tencent Music Entertainment
• Música en la nube de NetEase
• Alibaba Music

Plataforma	Usuarios activos mensuales
Tencent Music Entertainment	639 millones de usuarios
Música en la nube de NetEase	180 millones de usuarios activos mensuales

Artistas independientes

Kuke Music ofrece servicios de gestión de licencias y derechos de autor.

Servicios de soporte de artistas	Volumen
Artistas independientes apoyados	Más de 50,000 artistas registrados
Eficiencia de distribución de regalías	Tasa de precisión del 99.5%

Compañías de medios de entretenimiento

Soluciones de licencia integrales para organizaciones de medios.

• Compañías de producción cinematográfica
• Redes de televisión
• Plataformas de video en línea

Tipo de empresa de medios	Asociaciones de licencias
Plataformas de video en línea	12 asociaciones principales
Redes de televisión	8 redes nacionales de transmisión

Creadores de contenido en línea

Apoyo al ecosistema de contenido digital con licencias de música.

Segmento creador	Penetración del mercado
Creadores de video de forma corta	Más de 100,000 creadores con licencia
Plataformas de transmisión en vivo	15 plataformas principales con licencia

Kuke Music Holding Limited (Kuke) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Basado en el informe financiero anual de 2022, los costos de mantenimiento de la infraestructura tecnológica de Kuke Music fueron de aproximadamente $ 1.2 millones anuales.

Categoría de costos	Gasto anual ($)
Mantenimiento del servidor en la nube	480,000
Infraestructura de red	350,000
Actualizaciones de hardware	370,000

Desarrollo e innovación de software

Kuke Music invirtió $ 2.3 millones en desarrollo de software e innovación en 2022.

• Salarios del equipo de I + D: $ 1.1 millones
• Licencias de software: $ 450,000
• Herramientas y recursos de desarrollo: $ 750,000

Gastos legales y de cumplimiento

Los costos legales y de cumplimiento anuales para la música kuke fueron de $ 650,000 en 2022.

Área de cumplimiento	Costo anual ($)
Licencias de derechos de autor	350,000
Consultoría legal	200,000
Cumplimiento regulatorio	100,000

Marketing y desarrollo de negocios

Los gastos de marketing para Kuke Music totalizaron $ 1.5 millones en 2022.

• Publicidad digital: $ 600,000
• Marketing de contenido: $ 450,000
• Desarrollo de la asociación: $ 350,000
• Patrocinios de eventos: $ 100,000

Adquisición de personal y talento

Los gastos totales relacionados con el personal fueron de $ 4.2 millones en 2022.

Categoría de costos de personal	Gasto anual ($)
Salarios base	3,200,000
Beneficios y seguro	650,000
Costos de reclutamiento	350,000

Kuke Music Holding Limited (Kuke) - Modelo de negocios: flujos de ingresos

Tarifas de licencia de derechos de autor

En el año fiscal 2022, Kuke Music generó $ 12.3 millones en ingresos por licencias de derechos de autor. La compañía reportó 1,247 acuerdos de licencia de música activa con varias plataformas digitales y compañías de medios.

Categoría de licencias	Ingresos ($ M)	Porcentaje de total
Licencias de plataforma digital	7.6	61.8%
Licencias de medios de transmisión	3.2	26%
Licencia educativa	1.5	12.2%

Comisiones de transacciones

Las comisiones de transacciones representaron $ 4.7 millones en 2022, lo que representa el 15.3% de los ingresos totales de la compañía.

Servicios de gestión de derechos digitales

Los servicios de gestión de derechos digitales generaron $ 3.9 millones en ingresos para 2022, con 372 clientes empresariales utilizando estos servicios.

• Valor promedio del contrato anual: $ 10,500
• Tasa de renovación: 86.4%
• Pistas de música totalmente protegidas: 2.1 millones

Análisis de datos e ideas del mercado

Data Analytics Services contribuyó con $ 2.5 millones a los ingresos totales en 2022, atendiendo a 214 clientes de la industria musical.

Segmento de clientes	Número de clientes	Gasto anual promedio ($)
Sellos discográficos	87	18,500
Plataformas de transmisión	62	22,800
Editores de música	65	15,300

Modelos de suscripción de plataforma de tecnología

Las plataformas de tecnología basadas en suscripción generaron $ 6.2 millones en ingresos recurrentes durante 2022, con 526 suscripciones empresariales activas.

• Rango de suscripción mensual: $ 250 - $ 5,000
• Valor anual del contrato: $ 3.4 millones
• Duración promedio de la suscripción: 18.6 meses

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.