Web3.0 classical music platform KOLO.Market completed the first round of equity financing
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.
Interpretation of this information:
Kuke Music, a Chinese classical music service platform, has recently announced that it will be acquiring 49% of the equity of KOLO.Market, a Singapore-based Web3.0 company. This move is aimed at expanding Kuke Music’s reach into the blockchain and cryptocurrency market, as KOLO.Market specializes in providing decentralized finance services through blockchain technology.
With this acquisition, Kuke Music hopes to benefit from KOLO.Market’s experience and expertise in blockchain, which will enable the platform to offer a range of new services to its users. Additionally, it is expected that Kuke Music will also be able to use KOLO.Market’s blockchain infrastructure to help address some of the issues that the music industry faces, such as copyright infringement and royalty distribution.
This collaboration between Kuke Music and KOLO.Market is expected to lead to multiple benefits for the music industry. By leveraging blockchain technology, Kuke Music can provide a more secure and transparent system for distributing royalties, ensuring that artists are fairly compensated for their work. Furthermore, this partnership can help eliminate the need for intermediaries in the music industry, further reducing costs and ensuring that artists have greater control over their work.
Overall, Kuke Music’s acquisition of KOLO.Market is a significant step forward for the music industry, as it will help pave the way for a more secure and efficient system for artists and producers. With the integration of blockchain technology, it is expected that the music industry will become more transparent and equitable, leading to greater creativity and innovation.
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