Kuke Music to Expand into Web3.0 with KOLO.Market Acquisition

03/14/2023 11:44 • AI Insights • 186 views

According to official news, Kuke Music Holding Co., Ltd. (hereinafter referred to as “Kuke” and “Kuke Music”) (New York Stock Exchange: KUKE), a Chinese classical music service platform with about 3 million audio and video music tracks, announced that it would acquire 49% of the equity of KOLO.Market, a Singapore-based Web3.0 company.

Web3.0 classical music platform KOLO.Market completed the first round of equity financing

Analysis based on this information:

Kuke Music, a Chinese classical music service platform, has announced its acquisition of 49% of the equity of KOLO.Market, a Singapore-based Web3.0 company. This move marks Kuke Music’s entry into the emerging world of Web3.0, a decentralized internet where users have greater control over their own data and transactions.

Kuke Music has been growing rapidly since its launch in 2012, and currently boasts around three million audio and video music tracks. It serves as a platform for classical music lovers, offering access to concerts, recordings, and interactive educational programs. With this acquisition of KOLO.Market, Kuke Music aims to expand its reach and offer more extensive and personalized services to its users.

KOLO.Market is a Web3.0 platform that allows users to buy, sell, and trade digital assets like non-fungible tokens (NFTs) in a decentralized marketplace. In contrast to traditional marketplaces, KOLO.Market operates on blockchain technology and enables secure, transparent, and efficient transactions. By acquiring a stake in KOLO.Market, Kuke Music is positioning itself to become an important player in the Web3.0 ecosystem.

This acquisition is significant not just for Kuke Music, but for the Chinese music industry as a whole. China is already a major market for classical music, and the country’s growing middle class has shown an increasing interest in the genre. By expanding into Web3.0, Kuke Music is making a bold move to capture a new generation of users who are tech-savvy, digital-first, and globally connected.

In conclusion, Kuke Music’s acquisition of KOLO.Market is a strategic move to expand its footprint beyond just classical music and venture into the world of Web3.0. This acquisition will allow Kuke Music to offer more personalized services to its users and tap into the growing market for digital assets. As China’s middle class continues to grow and embrace new technologies, Kuke Music’s foray into the Web3.0 space is a smart and timely move that positions the company for long-term success.

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Kuke Music to Expand into Web3.0 with KOLO.Market Acquisition

Web3.0 classical music platform KOLO.Market completed the first round of equity financing

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