Chinese classical music platform Kuke Music Holding Limited (KUKE, Financial) is facing a lawsuit from Naxos over unpaid fees. In 2018, Kuke signed an eight-year agreement with Naxos, granting access to an extensive classical music catalog. However, Naxos claims that Kuke ceased payments at the end of 2021, accruing nearly $2 million in debt.
The lawsuit, filed in Tennessee, outlines that the agreement allowed Kuke to access Naxos' digital music services and distribute these records in China. Initially, Kuke complied with the monthly payment terms. However, since December 1, 2021, Kuke has failed to meet its financial obligations under the agreement, with the current debt standing at $1,855,493.89.
