BEIJING, Feb. 10,
2023 /PRNewswire/ -- Kuke Music Holding Limited
("Kuke" or the "Company") (NYSE: KUKE), a leading classical music
service platform in China with 3
million audio and video music tracks, announced the Company's
continuing progress in its strategy of becoming China's leading smart music learning product
service provider. The Company has already secured contracts with
more than 200 public schools in China to provide its integrated smart music
learning products and services.
Mr. He Yu, Chief Executive Officer of Kuke Music Holding
Limited, commented, "We are encouraged with our business momentum
as we successfully execute on a major element of our growth
strategy. We have already secured contracts with more than 200
public schools through 2022. However, we believe we are just
starting to scratch the surface. When you consider there are
500,000 primary and secondary schools across China, the length of the runway opportunity in
front of us is significant. In addition to demand being generated
by the high quality of our learning and teaching products, we are
benefitting from increasing attention in China to fine arts education and school
funding.
"We developed our product over several years, working in concert
with industry luminaries, teachers and students to make our
products robust and effective. We also benefit from our strategic
partners, such as Naxos, People's Music Publishing House and
Shanghai Music Publishing House, which allows us to provide
students with a wealth of unique copyright resources, digital music
sheets and other visual content. Our goal is to create value for
shareholders by building a leading market share for public school
smart music learning products and services."
Kuke's Smart Music Interactive Classroom is an integrated smart
music system with unique music content pared
with proprietary hardware developed by KUKE for primary
and secondary school students and teachers, representing a major
improvement in collective lesson efficiency with large-scale
digitization and technology-equipped resources. The Smart Music
Interactive Classroom was designed to provide a fundamental
solution to common problems associated with music teaching by
managing, coordinating, and integrating various learning needs
through music teaching software. The product has been highly sought
after by schools given its advanced, comprehensive nature, and
measurable results.
According to public statistics from edu.hc360.com, there are
more than 200,000 compulsory education schools across China. The annual budget for compulsory
education weakness improvement and capacity subsidy is as high as
RMB 27 billion. The procurement of
compulsory education music products is expected to be around
RMB 1 billion, as the Ministry of
Education reformulated the compulsory educational art curriculum
standards in 2022. Recently, Kuke developed enhanced music
education projects, known as the Music Museum, with the People's
Music Publishing House, which already covers over 60% of public
schools in China.
About Kuke Music Holding Limited (NYSE: KUKE)
Kuke is a leading classical music service platform in
China encompassing the entire
value chain from content provision to music learning services, with
approximately 3 million audio and video music tracks. 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 international
copyrighted classical music content, Kuke provides highly scalable
classical music licensing services to various online music
platforms, and classical music subscription services to over 800
universities, libraries and other institutions across China. 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 smart music learning solutions,
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 in China. For more
information about Kuke, please visit https://ir.kuke.com/
Forward-looking Statements
This announcement contains forward looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "aims," "future," "intends,"
"plans," "believes," "estimates," "confident," "potential,"
"continue" or other similar expressions. Statements that are not
historical facts, including but not limited to statements about
Kuke's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including those in Kuke's registration statement filed
with the Securities and Exchange Commission. Further information
regarding these and other risks is included in Kuke's filings with
the SEC. All information provided in this press release is as of
the date of this press release, and Kuke undertakes no obligation
to update any forward-looking statement, except as required under
applicable law.
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SOURCE Kuke Music Holding Limited