We’ve written regularly about the financial results of Tencent Music, and more recently its rival NetEase Cloud Music. There’s another publicly-listed Chinese music company that can fly under the radar though: Kuke Music.
It’s a classical music licensing company that runs a subscription service, licenses to other streaming platforms, and offers ‘smart music education’ products including instruments and services. The company raised $50m when it floated on the New York Stock Exchange in January this year, and its latest financial results show how the business is doing. Its Q3 revenues of RMB 82.7m ($12.8m) were up a startling 343.6% year-on-year, split between licensing and subscriptions ($6.4m), smart music learning ($4.3m) and live music events ($2.1m).
Kuke now has a catalogue of just under 2.4m music tracks and 427k audiobooks, as well as 4,000 hours of video content. The company also has a strategic partnership with classical firm Naxos, which has fuelled its global growth.
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