Seven entertainment firms to launch Korean version of VEVO

[waves-of-light.livejournal.com]

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.



source: Yonhap News

Comments

[vintage-boom.livejournal.com]

so competition for 1theK? and I guess for any of their subsidiary labels to get a better cut/deal from releasing their MVs.

[queenhinata.livejournal.com]

competing with CJE&M and 1theK monopolies

[existingisfunny.livejournal.com]

curious to know if any of this will affect the thousands of lyric and other type videos

[myungung.livejournal.com]

I just want to know what is Star Empire doing there?