Kuke Music Holding Ltd is a leading provider of classical music service platform in China. The company operates through classical music licensing, subscription and education services. It leverages its extensive content library and deep expertise in music education to also provide smart music learning solutions. Following the acquisition of BMF in February 2020, the company gained the experience and scale to organize large-scale live classical music events.
Kuke Music…
Kuke Music Holding Ltd is a leading provider of classical music service platform in China. The company operates through classical music licensing, subscription and education services. It leverages its extensive content library and deep expertise in music education to also provide smart music learning solutions. Following the acquisition of BMF in February 2020, the company gained the experience and scale to organize large-scale live classical music events.
Kuke Music Holding Ltd generates revenue primarily through licensing its music content to online music entertainment platforms such as Tencent Music Entertainment Group and NetEase Cloud Music, as well as commercial enterprises including film and TV production companies, airlines, and smart hardware companies. The company offers a music subscription service providing users with high-quality online and offline streaming access to its content library via its website, mobile app, and smart music devices. Additionally, revenue is derived from the sale of smart music hardware such as Kuke smart pianos and Kuke smart music teaching systems, along with music education classes conducted through these platforms.
The company operates through the following segments: music licensing and subscription, smart music learning, and live classical music events.
- Music licensing and subscription: This segment involves licensing classical music content to digital platforms and commercial enterprises, and providing subscription access to institutional and individual users. The company holds an exclusive and long-term license to the vast majority of content owned by Naxos within mainland China, which accounted for over 99% of its content offerings as of December 31, 2024. As of December 31, 2024, the company had over 880 institutional subscribers, including over 530 universities and music conservatories and over 340 public libraries across China, except Tibet.
- Smart music learning: This segment focuses on the sale of smart music hardware and educational content to primary and secondary schools. Key products include the proprietary Kuke smart pianos, the Kuke smart music teaching system pre-installed on these pianos, and Kukey courses, which are small-group beginner-level piano lessons offered through the smart pianos. Since 2022, the company has shifted focus toward selling smart music hardware and content to schools, significantly reducing the offering of Kukey courses.
- Live classical music events: This segment encompasses the organization of large-scale classical music festivals and performances, primarily through BMF Culture, which organizes the Beijing Music Festival and other influential classical music events in China. Revenue in this segment comes from sponsorship fees, performance fees, service fees, ticket sales, and royalties. Over the years, BMF has built long-standing relationships with high-profile corporate sponsors such as FAW-Volkswagen, Audi, CITIC Group, Credit Suisse, UBS, Nestle, and Swire Properties.
Kuke Music Holding Ltd holds a strong position in China's classical music market as one of the first providers of classical music licensing and subscription services in the country. The company benefits from its exclusive license to Naxos content, its extensive library of over 2.95 million music tracks, and its integrated ecosystem spanning content provision, smart music learning, and live events. Competitors include other classical music licensing services, online subscription platforms, smart music learning providers, and live event organizers, though Kuke differentiates through content exclusivity, proprietary technology, and its vertical integration across the music value chain.
The company serves a diverse customer base including online music entertainment platforms such as Tencent Music Entertainment Group and NetEase Cloud Music, commercial enterprises like film and TV production companies, airlines, and smart hardware companies. Its subscription base comprises over 880 institutional subscribers, including universities, music conservatories, and public libraries across China. Additionally, the company sells smart music hardware and educational solutions to primary and secondary schools, and its live classical music events attract sponsors, audiences, and participants interested in highbrow cultural experiences.