KOLO.Market is the world’ s first vertically integrated classical music Web 3.0 platform that aims to create a well-rounded and healthy classical music ecosystem. Targeting the tremendous business potential in music copyright licensing in the Web 3.0 movement, KOLO aims to protect intellectual property rights, maximizing the income of music creators and copyright owners, provide fair profit sharing, and establish a sustainable decentralized business with blockchain technology. Through KOLO, artists can enjoy permanent authentication of ownership of musical works, self-management, and fair royalty splits; music users can enjoy direct interaction and earnings; and for investors, KOLO offers secured assets, quick settlement of transactions, and the integration of digital music resources.
Mr. He Yu, Chief Executive Officer of Kuke Music Holding Limited, commented: “The decentralization feature of Web 3.0 can help solve the problems of music copyright ownership, rights protection, and data tracking, while also, when combined with various technologies and services, enable a more fair, transparent, and efficient management of copyright revenue sharing. This can provide unprecedented solutions for musicians and music copyright owners, effectively promoting the development of the music industry and making it possible for individuals to invest in the music industry. Therefore, introducing classical music into the Web 3.0 world can both enhance user experience and platform appeal, while also helping to build a healthier and more sustainable music ecosystem.” Mr. Yu added: Web 3.0 is a natural extension of our business, where we can integrate functions such as intelligent semantic search, copyright content construction, intelligent playlist recommendation and combine with technologies such as ChatGPT to bring users a better experience.”
Mr. Lenny Leung, Chief Executive Officer of KOLO.Market, said, “We are pleased to issue this good news that KUKE will inject capital into KOLO. By working with KUKE, KOLO will gain more music rights and excellent artists’ resources, which will lay a solid foundation for the future development of digital music streaming service in Web3.0. In addition, this will also help KOLO to expand more diversified music usage scenarios and various “listen to earn” modes based on specialized music knowledge systems, and provide richer artistic content for the future meta-universe performance market. We are looking forward to seeing the alliance between KOLO and KUKE, which will bring the new opportunities for the Web3.0 industry.
The 2022 Global Music Report, published by the International Federation of the Phonographic Industry (IFPI), states that, under the influence of the growth of subscription-based audio media market, global revenue for the recorded music market has reached US$25.9 billion, representing an 18.5% growth year-over-year. The revenue for Streaming (paid subscription-based listening + Ad-based listening market) has increased by 24.3% year-over-year, reaching US$16.9 billion, representing 65% of the global revenue for recorded music market, and was the leading revenue format in nearly all markets. The same report also outlined that the revenue in Asia increased by 16.1% year-over-year and accounted for 23% of the global market in 2021, thanks to strong growth from the Japanese and Chinese market. This shows that the continued growth of the music industry is optimistic and promising.
For further information, please contact KOLO.Market:
business@kolo.market
service@kolo.market