Seven Entertainment Companies Unite To Form South Korea’s Vevo
A specialized company that integrates distribution and management of K-pop music video contents on global platforms is the goal of Music & Creative Partners Asia (MCPA Inc.).
Seven of the biggest entertainment agencies in Korea namely: SM, YG, JYP, Big Hit, Mystic, FNC, and Star Empire signed the agreement at the Seoul Park Hyatt Hotel on July 19.
MCPA will serve as a representative window for determining and negotiating music video distribution and related policies for YouTube and other global digital service platforms.
It is derived from Vevo, a music video service which provides music videos to entertainment labels, as well as, live stream content from popular music acts and various concert sponsorship.
It will also provide new platform services for distributing music video contents.
In addition, it plans to discuss various business expansion plans not only music video, but also broadcasting venues for the production and supply of new contents using internet connection.
The move to harmonize the said music video distribution channels and related videos will enhance the growing K-Pop popularity in the global music industry.
Moreover, MCPA aims to create new business models that will enhance Korean music content and K-Pop artists’ global competitiveness. It plans to grow as a representative company of Asia in the future
At the signing ceremony, seven representatives attended including Mystic Entertainment’s producer Cho Young Chul, Big Hit Entertainment’s Yoon Seok Jun, Star Empire’s Lee Seung Joo, SM’s representative director Han Se Min, FNC’s managing director Kim Yoo Sik, YG’s managing director Choi Sung Jun, and JYP’s vice president Wang Sang Bong.