Kuke Music Holding, which provides classical music licensing, subscription, and education services in China, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
Powered by a diverse library of content offerings, Kuke was the largest classical music licensing service provider and the second largest online classical music subscription service provider in China in 2019. The company licenses its music content primarily to online music entertainment platforms and digital music service providers, as well as film and TV production companies, airlines, and smart hardware companies. As of September 30, 2020, the company licensed approximately 800,000 tracks of classical music from over 200 music labels to its licensees. Its music subscription service provides users with high-quality online and offline streaming access to its content library, and as of September 30, 2020, the company had 743 institutional subscribers, including 444 universities and music conservatories and 299 public libraries.
The Beijing, China-based company was founded in 2017 and booked $21 million in revenue for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol KUKE. Kuke Music Holding filed confidentially on September 8, 2020. Deutsche Bank, Tiger Brokers and AMTD Global Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
