SEOUL, Jul. 19 (Korea Bizwire) — South Korea’s seven leading entertainment companies said Thursday they will launch a joint venture to oversee the global distribution and management of their music videos.
The seven entertainment firms — SM, YG, JYP, Big Hit, Mystic, FNC and Star Empire — signed an agreement to launch what is tentatively called “Music & Creative Partners Asia (MCPA)” in a ceremony held at Park Hyatt Seoul.
They said the new company will make decisions on the distribution and management of K-pop music videos to global streaming platforms, including YouTube, and represent the seven in future negotiations with global platforms. MCPA will also run a new video hub to be created jointly by the companies.
It is modeled after Vevo, a music video service launched by three major U.S. record labels and Alphabet, the parent company of Google, in 2009. Vevo provides music videos from the labels to YouTube, live-streams content from famous musicians and sponsors various concerts.