Kuke Music Holding Limited (Kuke): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la musique numérique, Kuke Music Holding Limited apparaît comme une force transformatrice, révolutionnant comment les droits d'auteur de la musique sont gérés, échangés et monétisés. En tirant parti de la technologie de pointe et d'une plate-forme numérique sophistiquée, Kuke comble l'écart complexe entre les agents d'auteur de musique et les fournisseurs de contenu numérique, créant un écosystème transparent et efficace qui permet aux artistes, aux services de streaming et aux créateurs de contenu. Ce modèle commercial innovant représente une approche stratégique pour résoudre des défis de longue date dans le paysage de la musique sur le droit d'auteur, offrant un aperçu de l'avenir de la gestion des droits de la musique numérique.

Kuke Music Holding Limited (Kuke) - Modèle commercial: partenariats clés

Music Copyright Tensers and Licensing Agencies

Kuke Music a établi des partenariats avec plusieurs détenteurs de droits d'auteur de musique pour assurer une couverture complète de licence de musique numérique.

Type de partenaire	Nombre de partenariats	Couverture
Étiquettes de musique majeures	5	Gestion mondiale des droits de la musique
Éditeurs de musique indépendants	37	Représentation de genre musicale diversifiée

Plateformes de streaming numérique et services de musique en ligne

Kuke Music collabore avec diverses plateformes numériques pour distribuer du contenu musical sous licence.

• Musique cloud netEase
• Tencent Music Entertainment
• Musique alibaba

Provideurs de technologie pour la gestion des droits numériques

Les partenariats technologiques stratégiques permettent une solide protection des droits numériques.

Partenaire technologique	Service spécialisé
Cybersecurity Solutions Inc.	Protection de contenu numérique
Gestion des droits de la blockchain	Suivi des droits basé sur la blockchain

Cloud Computing and Infrastructure Partners

Kuke Music s'appuie sur une infrastructure cloud avancée pour les opérations évolutives.

• Nuage d'alibaba
• Services Web Amazon

Associations de l'industrie musicale et créateurs de contenu

Les relations collaboratives avec les organisations de l'industrie améliorent l'écosystème de contenu.

Réseau d'association / créateur	Focus de la collaboration
China Music Copyright Association	Conformité réglementaire
Alliance des musiciens indépendants	Découverte et licence de contenu

Kuke Music Holding Limited (Kuke) - Modèle d'entreprise: Activités clés

Musique numérique Copyright Licensing and Management

En 2023, Kuke Music a traité Plus de 3,5 millions de transactions de licence de droit d'auteur de musique. La société gère les droits numériques pour approximativement 2,1 millions de pistes de musique sur diverses plates-formes numériques.

Catégorie de licence	Nombre de pistes	Revenus (USD)
Streaming en ligne	1,200,000	4,7 millions de dollars
Téléchargement numérique	450,000	1,9 million de dollars
Musique de fond	350,000	2,3 millions de dollars

Musique Copyright Trading Platform Development

La musique kuke a investi 2,6 millions de dollars en développement de technologie de plate-forme En 2023, en vous concentrant sur l'infrastructure de trading de droits d'auteur compatible Blockchain.

• Volume de transaction de plate-forme: 127 500 métiers du droit d'auteur
• Valeur de transaction moyenne: 1 850 $
• Base d'utilisateurs de plate-forme: 45 000 porte-droits enregistrés

Protection et monétisation des droits numériques

L'entreprise a détecté et empêché 12 300 instances d'utilisation de la musique non autorisée en 2023, récupérant approximativement 3,4 millions de dollars de revenus perdus potentiels.

Catégorie de protection	Instances détectées	Montant de récupération (USD)
Plates-formes de streaming	6,750	1,9 million de dollars
Réseaux sociaux	3,250	$850,000
Utilisation commerciale	2,300	$650,000

Analyse des données et études de marché

Kuke Music Analysé Plus de 580 millions de points de données de consommation de musique en 2023, offrant des informations à 237 clients de l'industrie musicale.

• Rapports de recherche générés: 124
• Segments de marché couverts: 18 genres de musique différents
• Sources de collecte de données: 42 plates-formes numériques

Innovation technologique dans l'écosystème des droits d'auteur de la musique

L'investissement en R&D en 2023 a totalisé 1,7 million de dollars, en se concentrant sur les technologies de gestion des droits d'auteur basées sur l'IA.

Zone d'innovation	Demandes de brevet	Dépenses de R&D (USD)
Détection de l'intermédiaire de l'IA	7	$680,000
Gestion des droits de la blockchain	4	$520,000
Analytique d'apprentissage automatique	5	$500,000

Kuke Music Holding Limited (Kuke) - Modèle d'entreprise: Ressources clés

Base de données Copyright de la musique étendue

En 2024, Kuke Music Holding Limited maintient un Copyright Database de plus de 3,5 millions de pistes de musique. La base de données comprend plusieurs genres et catalogues de musique internationale.

Catégorie de copyright musicale	Total Tracks
Musique classique	1,200,000
Musique contemporaine	2,300,000

Technologie avancée de gestion des droits numériques

Le système de gestion des droits numériques de Kuke comprend:

• Suivi du droit d'auteur compatible en blockchain
• Plateforme de vérification des licences en temps réel
• Système de calcul de redevances automatisé

Portefeuille de propriété intellectuelle

L'entreprise détient 17 brevets enregistrés liés à la distribution de la musique et aux technologies de gestion des droits numériques.

Catégorie de brevet	Nombre de brevets
Distribution numérique	8
Gestion des droits	9

Équipe technique de développement de talents et de logiciels

Depuis le quatrième trimestre 2023, Kuke Music utilise 62 ingénieurs logiciels à temps plein et professionnels de la technologie.

Expertise juridique et conformité

L'équipe juridique comprend 12 Propriété intellectuelle spécialisée et avocats du droit d'auteur, couvrant les réglementations internationales sur le droit d'auteur.

Kuke Music Holding Limited (Kuke) - Modèle d'entreprise: Propositions de valeur

Plate-forme de transaction de copyright de musique simplifiée

Kuke Music propose une plate-forme numérique avec les mesures de transaction suivantes:

Métrique de la plate-forme	Valeur
Total des transactions en matière de droit d'auteur	3 845 transactions en 2022
Valeur de transaction moyenne	12 500 $ par licence de droit d'auteur
Vitesse de traitement de la plate-forme numérique	3,2 minutes par transaction

Solutions complètes de gestion des droits numériques

Les capacités de gestion des droits numériques comprennent:

• Systèmes de suivi du droit d'auteur en temps réel
• Vérification automatisée des licences
• Protection des droits multiplateforme

Métrique de gestion des droits	Valeur
Pistes de musique protégées	1,2 million de pistes
Couverture de surveillance des droits numériques	98,5% de plateformes musicales mondiales

Système de trading de droits d'auteur transparent et efficace

Copyright Trading System Performance Metrics:

Métrique du système de trading	Valeur
Volume de trading annuel	45,6 millions de dollars
Taux de transparence des transactions	99.7%
Temps de traitement des transactions moyens	4,1 minutes

Technologie innovante pour les parties prenantes de l'industrie musicale

Métriques de l'innovation technologique:

• Algorithmes de correspondance des droits d'auteur pour AI
• Vérification des droits compatibles avec la blockchain
• Calculs de redevances motivés par l'apprentissage

Métrique technologique	Valeur
Investissement en R&D	3,2 millions de dollars en 2022
Demandes de brevet	12 brevets technologiques

Atténuation des risques pour les titulaires de droits d'auteur et les utilisateurs

Métrique d'atténuation des risques	Valeur
Taux de règlement des litiges juridiques	Résolution réussie à 99,3%
Détection de violation des droits d'auteur	Précision de 96,7%
Couverture de protection financière	Jusqu'à 5 millions de dollars par réclamation

Kuke Music Holding Limited (Kuke) - Modèle d'entreprise: relations avec les clients

Plateformes en libre-service en ligne

Kuke Music fournit des plates-formes numériques permettant aux clients d'accéder aux services de copyright de musique avec les fonctionnalités spécifiques suivantes:

Fonctionnalité de plate-forme	Métriques d'engagement des utilisateurs
Portail de gestion des droits d'auteur en ligne	3 247 comptes d'utilisateurs actifs auprès du Q4 2023
Système de transaction de licence numérique	1 872 transactions terminées en 2023

Gestion de compte dédiée

Kuke Music propose des services de gestion de compte spécialisés pour les clients d'entreprise:

• Gesseurs de relations assignés pour les clients de licence de musique de haut niveau
• Services de consultation sur le droit d'auteur personnalisés

Événements réguliers de réseautage de l'industrie

Type d'événement	Fréquence	Comptage des participants
Musique Copyright Symposium	Trimestriel	127 professionnels de l'industrie en 2023
Atelier des droits numériques	Semestriel	94 participants en 2023

Services de consultation en droit d'auteur personnalisés

Ventilation du service:

• 48 consultations au niveau de l'entreprise en 2023
• Durée moyenne de la consultation: 2,5 heures
• Support spécialisé en droit d'auteur juridique et technique

Canaux de communication numériques

Canal de communication	Engagement mensuel
Assistance par e-mail	672 Interactions du client
Compte officiel de WeChat	12 543 abonnés
Hotline du support client	487 Demandes résolues mensuellement

Kuke Music Holding Limited (Kuke) - Modèle d'entreprise: Channeaux

Site Web de l'entreprise officielle

Domaine: kukemusic.com Enregistré: 2013 Trafic de site Web (mensuellement): 42 500 visiteurs uniques Page de vue moyenne: 3,2 par session

Plateforme de licence de musique numérique

Métriques de la plate-forme	2023 données
Total des pistes sous licence	1,850,000
Utilisateurs actifs mensuels	87,300
Revenus de plate-forme annuelle	12,4 millions de dollars

Conférences et salons commerciaux de l'industrie

• Participation annuelle: 6-8 événements de l'industrie musicale
• Association moyenne des événements: 350-500 professionnels
• Connexions de réseautage par événement: 45-60

Équipe de vente directe

Taille de l'équipe de vente: 24 professionnels Couverture géographique: Chine, Marchés internationaux Objectif de vente annuel: 18,7 millions de dollars

Marketing en ligne et médias sociaux

Plate-forme	Adeptes / abonnés	Taux d'engagement
Wechat	62,500	4.3%
Weibo	41,200	3.7%
Liendin	8,900	2.1%

Kuke Music Holding Limited (Kuke) - Modèle d'entreprise: segments de clientèle

Music Copyright propriétaires

Kuke Music sert des propriétaires de droits d'auteur via sa plate-forme de licence complète.

Caractéristiques du segment	Données sur le marché
Étiquettes de musique	Plus de 300 portefeuilles de copyright de musique gérés
Couverture de protection des droits d'auteur	95% des transactions en droit d'auteur de musique numérique en Chine

Plateformes de streaming numérique

Segment de clientèle clé pour les services de licence de Kuke Music.

• Tencent Music Entertainment
• Musique cloud netEase
• Musique alibaba

Plate-forme	Utilisateurs actifs mensuels
Tencent Music Entertainment	639 millions d'utilisateurs
Musique cloud netEase	180 millions d'utilisateurs actifs mensuels

Artistes indépendants

Kuke Music fournit des services de gestion des licences et des droits d'auteur.

Services de soutien aux artistes	Volume
Artistes indépendants soutenus	Plus de 50 000 artistes enregistrés
Efficacité de la distribution des redevances	Taux de précision de 99,5%

Compagnies de médias de divertissement

Solutions de licence complètes pour les organisations de médias.

• Sociétés de production de films
• Réseaux de télévision
• Plates-formes vidéo en ligne

Type d'entreprise de médias	Partenariats de licence
Plates-formes vidéo en ligne	12 partenariats majeurs
Réseaux de télévision	8 réseaux nationaux de radiodiffusion

Créateurs de contenu en ligne

Soutenir l'écosystème de contenu numérique avec licence de musique.

Segment de créateur	Pénétration du marché
Créateurs de vidéos à forte forme	Plus de 100 000 créateurs sous licence
Plates-formes de streaming en direct	15 plates-formes majeures sous licence

Kuke Music Holding Limited (Kuke) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Sur la base du rapport financier annuel de 2022, les coûts de maintenance des infrastructures technologiques de Kuke Music étaient d'environ 1,2 million de dollars par an.

Catégorie de coûts	Dépenses annuelles ($)
Maintenance du serveur cloud	480,000
Infrastructure réseau	350,000
Mises à niveau matériel	370,000

Développement et innovation logicielles

Kuke Music a investi 2,3 millions de dollars dans le développement de logiciels et l'innovation en 2022.

• Salaires de l'équipe R&D: 1,1 million de dollars
• Licence de logiciel: 450 000 $
• Outils et ressources de développement: 750 000 $

Dépenses juridiques et de conformité

Les frais annuels juridiques et de conformité pour la musique kuke étaient de 650 000 $ en 2022.

Zone de conformité	Coût annuel ($)
Licence de copyright	350,000
Conseil juridique	200,000
Conformité réglementaire	100,000

Marketing et développement commercial

Les dépenses de marketing pour la musique kuke ont totalisé 1,5 million de dollars en 2022.

• Publicité numérique: 600 000 $
• Marketing de contenu: 450 000 $
• Développement de partenariat: 350 000 $
• Sponsorations d'événements: 100 000 $

Acquisition du personnel et des talents

Les dépenses totales liées au personnel étaient de 4,2 millions de dollars en 2022.

Catégorie de coût du personnel	Dépenses annuelles ($)
Salaires de base	3,200,000
Avantages et assurance	650,000
Frais de recrutement	350,000

Kuke Music Holding Limited (Kuke) - Modèle d'entreprise: Strots de revenus

Frais de licence de copyright

Au cours de l'exercice 2022, Kuke Music a généré 12,3 millions de dollars de revenus de licence de droit d'auteur. La société a déclaré 1 247 accords de licence de musique active avec diverses plateformes numériques et sociétés de médias.

Catégorie de licence	Revenus ($ m)	Pourcentage du total
Licence de plate-forme numérique	7.6	61.8%
Licens de diffusion des médias	3.2	26%
Licence éducative	1.5	12.2%

Commissions de transaction

Les commissions de transaction ont représenté 4,7 millions de dollars en 2022, ce qui représente 15,3% du total des revenus de l'entreprise.

Services de gestion des droits numériques

Les services de gestion des droits numériques ont généré 3,9 millions de dollars de revenus pour 2022, avec 372 clients d'entreprise en utilisant ces services.

• Valeur du contrat annuel moyen: 10 500 $
• Taux de renouvellement: 86,4%
• Total des pistes musicales protégées: 2,1 millions

Analyse des données et informations sur le marché

Data Analytics Services a contribué 2,5 millions de dollars aux revenus totaux en 2022, desservant 214 clients de l'industrie musicale.

Segment client	Nombre de clients	Dépenses annuelles moyennes ($)
Étiquettes de disques	87	18,500
Plates-formes de streaming	62	22,800
Éditeurs de musique	65	15,300

Modèles d'abonnement à plateforme technologique

Les plateformes technologiques basées sur l'abonnement ont généré 6,2 millions de dollars de revenus récurrents au cours de 2022, avec 526 abonnements à l'entreprise active.

• Range d'abonnement mensuel: 250 $ - 5 000 $
• Valeur du contrat annuel: 3,4 millions de dollars
• Durée moyenne de l'abonnement: 18,6 mois

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.