Kuke Music gets into web3 with Kolo Market deal


Kuke is a Chinese classical music company that offers a subscription service, licenses to other streaming platforms, and ‘smart music education’ products. Its catalogue consists of music, audiobooks, video content – and Kuke now adding a web3 aspect to its business. Kuke has acquired a 49% equity interest in Kolo Market – “the world’s first vertically integrated classical music Web 3.0 platform” which has its sights set on blockchainifying classical music intellectual property rights. The suite of services on offer are similar to those of other web3 music platforms: authentication of ownership, self-management, transparent royalty splits, quick settlement of transactions, and so on. Given Kuke’s licensing operations, the company may hope that the revenue-sharing and data-tracking technology of Kolo Market will bring efficiencies to its existing business model. Kuke also has the option to buy the remaining 51% of the company.

Written by: Joe Sparrow