JYP Entertainment and Tencent Music Entertainment Group will sign a strategic partnership to market contents in the neighboring country more effectively
JYP Entertainment, home to A-list K-pop groups including TWICE, ITZY, 2PM will ink a strategic partnership with the Chinese online music platform Tencent Music Entertainment Group to market its content in the neighboring country effectively.
Park Jin-young founded JYP in 1997. It houses several popular K-pop stars like ITZY, 2PM, and Stray Kids. It has also joined forces with other global companies to debut K-pop acts. In 2018, it launched the Chinese boy band Boy Story, in cooperation with TME, and 2020, debuted the Japanese girl group, NiziU, with Sony Music Entertainment Japan.
The K-pop label, JYP announced on Wednesday, that it will secure new distribution channels for its content and develop a fresh business model through the deal.
“JYP is set to supply its music to several Chinese platforms under TME, including QQ Music, Kugou Music, Kuwo Music, and WeSing,” the company said, “We will also showcase our content on various video channels and create a synergy with TME through joint marketing and promotion,” JYP added that they want to contribute to the growth of K-pop by providing quality content, not only limited to music, to fans around the world.
TME is a joint venture established between Tencent ― China’s largest internet and tech firm ― and the streaming giant Spotify in 2016. Its apps, which include QQ Music and Kugou Music, are known to have more than 800 million active users.
TME said in a statement provided by JYP that they are glad to cooperate to seize an opportunity to provide the company’s music to hundreds of millions of fans in China. “JYP is particularly well received by young people for launching prominent K-pop artists. We anticipate that the new partnership will help TME ― which is known for its music recommendation and marketing service ― offer differentiated experiences to our users and promote cultural exchange,”