China's Tencent Pacts With South Korea's YG Entertainment
YG is home to rapper Psy as well as other K-Pop acts BigBang, 2NE1
Chinese online giant Tencent has signed an exclusive deal with South Korean music company YG Entertainment, whose artists include Psy, BigBang and 2NE1, to distribute K-Pop and other content in the booming Chinese market.
Tencent's move is aimed at finding more ways to tap into the love of Korean culture in China. As well as wearing K-fashion and listening to K-Pop, Korean soap operas and movies are hugely popular in the country.
"YG Entertainment has a talented portfolio of artists, and this strategic partnership will instantly offer Korean fans in China a stream of high-quality music, songs and MVs," said Dowson Tong, senior executive vice president at Tencent.
"We look forward to launching exclusive YG content across our extensive services and raising our users’ experience to whole new levels," Tong said.
The agreement means Tencent will also become the sole online sub-distributor of YG’s content in the country, giving the Chinese instant access to YG Entertainment’s music and MVs from Korea’s hottest pop artists.
There will also be a strict license agreement between Tencent and YG Entertainment.
"As a leading pop culture icon in Asia, YG Entertainment is glad to form a strategic partnership with Tencent," said Yang Min-Suk, CEO of YG Entertainment. "We have already been active in the market for two years, but this alliance with Tencent will further boost the presence of our artists in China. We look forward to working with Tencent to bring amazing music to the growing Korean entertainment fan base in China."