Seven major entertainment agencies have joined forces to create a new global platform company that distributes K-pop music video contents!
On July 19, seven major entertainment agencies held a signing ceremony for the establishment of “Music & Creative Partners Asia Company.” Participating in the ceremony were representatives from SM, JYP, YG, BigHit, FNC, Mystic, and Star Empire Entertainment.
The Music and Creative Partners Asia Company (MCPA for short) plans to provide a global digital service platform that distributes K-pop music videos. Furthermore, they will be the organization to determine regulations regarding the music video distribution in Korea. Lastly, they plan to create new contents using the original IP, and further expand their business to other areas in the future.
In a way, this company will somewhat act as a “Korean VEVO.”
VEVO is a joint venture between global music distribution companies – Universal Music Group, Sony Music Entertainment, Warner Music Group, and EMI’s parent company Abu Dhabi Media. In 2009, these companies partnered to create a distribution company that releases music vides on YouTube, live streams musicians’ contents, as well as hosts global concerts.
Just like VEVO, MCPA wants to create a digital platform dedicated to K-pop contents, and improve the global competitive advantage for Korean artists. At last, by putting “Asia” in the company name, it aims to grow into a company to represent all-Asia.
Translated by Dasol Kim
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