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Top entertainment firms, record labels set up joint venture

Source | 2010/03/18 | 1472 views | Permalink |

Several of South Korea's top talenthouses and record labels have joined hands to cooperate on future businesses in the entertainment industry.

A press release on Thursday by the newly-established Korea Music Power Holdings (KMP Holdings) announced that seven companies -- namely YG Entertainment, JYP Entertainment, SM Entertainment, StarEmpire Entertainment, Medialine, Can Entertainment, and Music Factory -- set up a joint venture as of March 17.

KMP said it plans to undertake a variety of activites together, including creating new music services, producing TV shows and distributing digital music, based on their artists, contents, network and business capabilities.

"We will continuously create a variety of new business models, services and contents suitable for the new media environment represented by smartphones", KMP CEO Kim Chang-hwan was quoted as saying.

YG, JYP and SM are the top three entertainment firms in the industry who have discovered some of Korea's most successful artists such as Big Bang, Wonder Girls and TVXQ, while also managing a number of the country's most talented actors.

They are also engaged in various facets of the industry -- from music to television to film.

Jessica Kim [email protected]

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