Kuke Reports First Half of 2023 Unaudited Financial Results

NEW YORK, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Kuke Music Holding Limited (“Kuke” or the “Company”) (NYSE: KUKE), a leading classical music service platform in China, today announced its unaudited interim financial results for the six months ended June 30, 2023.

First Half of 2023 Financial Highlights

• Total revenue was RMB62.1million (US$8.6 million), compared to RMB80.5 million in the same period of 2022.

• Total gross profit was RMB42.0 million (US$5.8 million), compared to RMB29.1 million in the same period of 2022.

• Net profit was RMB9.0 million (US$1.2 million), compared to net loss of RMB31.6 million in the same period of 2022.

• Non-IFRS net profit [1] was RMB21.1 million (US$2.9 million), compared to a Non-IFRS net loss of RMB0.2 million in the same period of 2022.

First Half of 2023 Operational Highlight

• During the first two quarters of 2023, the Company added an additional nearly 73,000 tracks of classical music to its content offering. The Company’s copyrighted classical music content now includes over 3.06 million music tracks as of June 30, 2023. This is comprised of more than 2.17 million tracks of classical music, more than 890 thousand tracks of jazz, world, folk and other genres of music, as well as over 2,900 video titles, more than 4200 spoken content albums and more than 5,750 volumes of sheet music. These contents span across more than 410 thousand musicians, more than 2 thousand musical instruments and more than 200 countries and regions.

• In addition, the company has added more long-form videos including opera, live concert, ballet, documentary, master class, international competition, live streaming to further enrich its classical music library and capture the growth opportunities in the market.

• Regarding the subscription business segment, our aggregated institutional subscribers increased to 863 as of the end of the second quarter of 2023 from 846 as of the end of 2022 across China. 

Mr. He Yu, the Chief Executive Officer of Kuke, stated, “First and foremost, as the economic climate gradually improves, we are steadily overcoming past challenges. In response to these shifts, we have strategically restructured our business, moving from a reliance on physical asset-based operations such as childhood musical education to a greater focus on music copyright management. At the same time, we compressed the operating expenses. In the first six months of 2023, we achieved a total revenue of RMB62.1 million and a net profit of 9.0 million RMB.