BEIJING, Feb. 15, 2022 /PRNewswire/ -- Kuke Music Holding
Limited ("Kuke" or the "Company") (NYSE: KUKE), a leading classical
music service platform, today announced that the Company has
established a blockchain business unit and completed a strategic
investment in KOLO, a leading international non-fungible token
(NFT) platform for classical music in the Metaverse.
Kuke's blockchain business unit aims to utilize blockchain
technology to validate, authorize, and protect digital music
copyrights. In addition, the Company's strategic investment in KOLO
will further enable the development of a consumer-oriented,
classical music-focused and global NFT application in the
Metaverse. The NFT application will leverage the diversified
classical music copyright resources of the Company and Naxos, the
Company's strategic global business partner and the largest
independent classical music content provider in the world, and
further enhance the transaction liquidity, platform
interoperability and ease of sharing of digital music assets.
As the general public increasingly acknowledges that blockchain
technology represents one of the most exciting paradigm shifts in
the history of technology, and NFT applications are leading the
global development trend in industries such as gaming, art, and
music, the Company intends to utilize blockchain technology and NFT
applications to drive innovation in the classical music industry,
increase the monetization of classical music digital assets, build
a digital economy for musicians, provide value to users, and foster
mutually-beneficial partnerships among industry participants.
The KOLO platform has auctioned four NFTs within the past month,
namely, Spring Festival Overture, Brahms- Violin Concerto in D
Major, Op.77, and J.S.BACH – Cello
Suite No.1, BWV 1007, as well as Beethoven- Piano Sonata No.14 in
C- Sharp Minor, Op.27, "Moonlight", all of which were licensed by
Naxos. The auctions have drawn considerable attention and were
completed at attractive prices within a few minutes. Notable on the
list was the "Spring Festival Overture" composed by well-known
composer Huanzhi Li. This classic
piece has been played at the beginning of every Chinese New Year
Gala for over 30 years. KOLO plans to release new NFTs licensed by
Naxos and Kuke on a weekly basis starting mid-February 2022.
About Kuke Music Holding Limited
Kuke is a leading classical music service platform in
China encompassing the entire
value chain from content provision to music learning services. By
collaborating with its strategic global business partner Naxos, the
largest independent classical music content provider in the world,
the foundation of Kuke's extensive classical music content library
is its unparalleled access to more than 900 top-tier labels and
record companies. Leveraging its market leadership in copyrighted
classical music content in China, Kuke provides highly scalable
classical music licensing and subscription services to over 700
universities, libraries and online music platforms. In addition, it
has hosted Beijing Music Festival ("BMF"), the most renowned music
festival in China, for 24 consecutive years. Through KUKEY, the
Company's proprietary AI music learning system, Kuke aims to
democratize music learning via technological innovation, bring
fascinating music content and professional music techniques to more
students, and continuously improve the efficiency and penetration
of music learning.
About KOLO
KOLO is a classical music-focused and decentralized NFT platform
driven by blockchain technology and aims to build a better music
ecological environment on the blockchain, encourage paid digital
music consumption and become the blockchain standard for classical
music. KOLO is committed to using the blockchain technology to
improve the efficiency of royalty payments and protect the rights
of musicians.
Investor Relations Contact
Kuke Music Holding Limited
Email: Jane.zuo@kuke.com
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SOURCE Kuke Music Holding Limited