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Kuke Music to expand into the Web3.0 industry with KOLO.Market acquisition

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Kuke Music to expand into the Web3.0 industry with KOLO.Market acquisition

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 Holding Co., Ltd. has announced its acquisition of 49% of the equity of KOLO.Market as it aims to expand its business into the emerging Web3.0 industry. Kuke Music, a Chinese classical music service platform that boasts approximately 3 million audio and video music tracks, has been seeking to diversify its operations and broaden its reach beyond the traditional music industry.

KOLO.Market, a Singapore-based Web3.0 company, provides a decentralized trading platform that enables digital content creators and consumers to transact directly, without the need for intermediaries. Its technology also enables the sale of non-fungible tokens (NFTs), which are increasingly being used to allow artists and other creators to monetize their work without relying on third-party platforms.

By acquiring a significant stake in KOLO.Market, Kuke Music is hoping to tap into the rapidly growing Web3.0 industry and expand its business model beyond music streaming. The move also represents a strategic pivot for the company as it seeks to take advantage of the huge potential of NFTs and blockchain technology, which are increasingly seen as game-changing innovations for the creative arts sector.

The acquisition of KOLO.Market also signals Kuke Music’s intention to deepen its presence in Southeast Asia, a region that has seen rapid growth in digital content creation and consumption in recent years. With Singapore emerging as a hub for blockchain technology and digital asset trading, the acquisition could provide Kuke Music with a strategic foothold in the region’s burgeoning Web3.0 ecosystem.

Overall, this move by Kuke Music is a bold and strategic one as it seeks to diversify and expand its business in the face of intense competition in the music streaming industry. By acquiring a stake in a pioneering Web3.0 company, Kuke Music is positioning itself at the forefront of the latest technological innovations in digital content creation and distribution.

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