South Korea’s representative entertainment companies including Big Hit Entertainment, SM Entertainment, YG Entertainment, JYP Entertainment, FNC Entertainment, Mystic Entertainment and Star Empire will be creating a service like Vevo which distributes and manages K-Pop music video contents.
Vevo is an American video service that is a joint venture between some of America’s top record companies and Alphabet.
The 7 entertainment agencies got together on July 19th at the Park Hyatt Hotel in Seoul for the signing ceremony of the company which has been named Music & Creative Partners Asia (MCPA).
MCPA will deal with the distribution and supply of music videos on global digital service platforms such as YouTube as well as the policies in relation to the contents. It will also provide a new platform service for distributing music videos. Moreover, continuous expansion of the business into various branches including broadcast platforms for the production and supply of new contents utilizing related IP is expected to be discussed.
MCPA was established to improve the global competitiveness of Korean music contents and artists, and to create new and advanced business models. As an integrated distribution channel for K-Pop music videos and related content, which has become a key trend in the global music industry, MCPA is expected to grow into one of the representative companies of Asia in the future.