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Kuke Music Holding Limited (NYSE: KUKE) is a prominent classical music service platform in China, offering a comprehensive suite of services ranging from music licensing to education. The company's digital music library boasts an impressive collection of approximately 3 million audio and video music tracks, including 98% of the world's classical music, with about 500,000 tracks.
Kuke licenses its extensive collection of classical music content to a variety of clients, including online music entertainment platforms like Tencent Music Entertainment Group and digital music service providers such as NetEase Cloud Music. Additionally, the company serves film and TV production companies, airlines, smart hardware companies, and more. Users can conveniently access this rich catalog through Kuke's website, mobile app, and smart music devices.
In recent news, Kuke reported its unaudited interim financial results for the first half of 2023, highlighting a total revenue of RMB 62.1 million and a net profit of RMB 9.0 million. The company has strategically restructured its business to focus more on music copyright management and has significantly reduced operating expenses. Kuke continues to enhance its portfolio of music rights-related products and services and is implementing cost-saving measures to improve efficiency.
Among its recent developments, the company announced its entry into the classical music car connectivity market and plans to launch a new application for individual end-users in the second quarter of 2024. This app aims to provide a high-quality classical music experience through intuitive interfaces, voice control, and personalized music recommendations.
Additionally, Kuke has established a dedicated Technical Research and Development Center in Guangzhou to enhance technological integration with its global strategic partner, Naxos Music Group. This initiative aims to support continuous product development and technical maintenance, further solidifying Kuke's position in the digital music industry.
Kuke has also formed strategic partnerships to promote music education. The company is collaborating with the China National Youth Palace Association to organize a series of music education events, including online choral events and music teacher training courses. These initiatives reflect Kuke's commitment to social responsibility and its efforts to democratize music learning through technological innovation.
As part of its forward-looking strategy, Kuke has recently formed an AI team to develop intelligent music recommendations and generate music content, aiming to enhance user experience and explore new opportunities in the AI music field.
Kuke Music Holding (NYSE: KUKE), a leading classical music service platform in China, has announced it will hold its Annual General Meeting (AGM) on September 20, 2024, at 10:30 a.m. Beijing time. The meeting will take place at Room 303, Beijing Broadcasting Tower, Chaoyang District, Beijing. Additionally, a Class B Meeting for holders of Class B ordinary shares will be held at the same venue at 10:00 a.m.
Shareholders of record as of August 26, 2024 (Eastern Time) are eligible to attend and vote at both meetings. ADS holders must provide voting instructions to Deutsche Bank Trust Company Americas. The company has made available the AGM Notice, proxy forms, and its annual report on Form 20-F for the fiscal year ended December 31, 2023, on its website and the SEC's website.
Kuke Music Holding (NYSE: KUKE), a prominent classical music service platform in China, announced its venture into the AI music sector and its integration into automotive applications.
On June 14, 2024, Kuke signed an 'Application Market Cooperation Agreement' with Shanghai Jidou Science and Technology Co. The partnership aims to launch Kuke's AI music application in Jidou's car application store.
Jidou is a leading provider of digital automotive software services for brands like Audi, BMW, Porsche, and others. Senior management from both companies expect this collaboration to enhance the user experience and ecosystem of automotive cockpit software by incorporating AI music technology.
Kuke plans to continue investing in AI music technology, aiming to provide innovative products and services that offer personalized music experiences for users.
Kuke Music Holding (NYSE: KUKE), a prominent classical music service platform in China, announced the establishment of a professional AI team dedicated to development, operations, and marketing in the AI music field. This initiative aims to enhance their music app and automotive in-car networking platforms with AI-driven music recommendations, automated content generation, and personalized services.
The AI team is composed of industry experts with significant experience in AI algorithms and music generation. Kuke anticipates that AI technology will open new opportunities within the music industry and is committed to continuous investment in AI music R&D to launch innovative products and improve user experiences.
Kuke Music Holdings (KUKE) announced the signing of a non-binding term sheet with Naxos One Holding on May 24, 2024. This agreement proposes that Kuke will acquire a majority stake in Angelina Assets and HNH International , subsidiaries of Naxos One. The acquisition, which involves Naxos Music Group, a major distributor of independent classical record labels, is subject to several conditions such as due diligence and the finalization of definitive agreements. A director of Kuke is the controlling shareholder of Naxos One. The closure of this acquisition is not guaranteed.
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