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Label Thirteenth Month Receives 10m+ Funding: Next Stop, Tourism The label is looking for more direct ways of commercial exploitation.

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admin 2018-08-01 Collect

Days ago, indie label Thirteenth Month announced its completion of Series B funding back in April 2018. More specifically, it was a ¥10m+ RMB investment from HG Capital. Prior to this, the label that was founded in 2014 had already received funding from WeCap China, Innovation Angel Fund, and China Growth Capital.

At the moment, Thirteenth Month’s core services include music production, licensing, as well as extending to offline markets like tourism, music festivals, and even manga/comic-derived merchandise. The company is actively seeking opportunities to expand its horizons for commercial exploitation.

According to 36Kr, the label earns as much as ¥5m RMB per year in royalty streams and gets paid as a promoter at least for six concerts per year. The company has also been experimenting with its own branded music festival to gain first-hand experience, including over 30 theater productions annually, averaging ¥150k RMB in gross revenue per show. Thirteenth now has a team of over 40 people, one third of which are dedicated to production.

Translated by Kane Ge

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