Kuke Music is a China-based classical music content company that licenses and distributes a large library of classical music recordings, video, and sheet music in China. The content library — roughly 3 million music tracks, over 2,900 video titles, and over 5,750 volumes of sheet music — is sourced almost entirely from Naxos, the world's largest independent classical music label, under an exclusive license for mainland China. Kuke monetizes this library in two primary ways: licensing content to online music platforms like Tencent Music and NetEase Cloud Music, as well as commercial customers like film studios and airlines; and selling subscriptions to universities, music conservatories, and public libraries, with over 880 institutional subscribers as of year-end 2024. Platform licensing deals typically involve an upfront minimum payment plus quarterly revenue sharing, while institutional subscriptions provide recurring fees for full catalog access. Kuke's cost structure is heavily driven by royalties owed to Naxos — the higher of an annual minimum guarantee or 45–55% of revenue from licensed content. Beyond its core licensing and subscription business, Kuke sells proprietary smart pianos and teaching systems to primary and secondary schools, and operates a live classical music events business through its BMF subsidiary, though both contributed no revenue in FY2024. Kuke's entire content business depends on maintaining its Naxos relationship, as Naxos accounts for over 99% of its library.