JYP Entertainment, home to global groups TWICE, Stray Kids, ITZY, and more, will sign a strategic collaboration with Tencent Music Entertainment Group (TME) in China.
On March 24, Korean media outlets reported that "Big 3" agency JYP Entertainment (also known as JYP) will sign a cooperative contract with TME, a leading Chinese online music platform company.
The agency announced, "We will secure a way to distribute all-around contents, including the music of our artists, and develop various business models."
JYP Entertainment x TME: K-pop Groups TWICE, ITZY, Stray Kids is Expected to Expand Influence in China
According to this collaboration, JYP will provide music to TME's music platforms such as QQ Music, KuGou Music, Kuwo Music, and WeSing, and will supply various videos and live channels.
Furthermore, the two companies are expected to maximize their synergy by launching various music entertainment services, which include joint marketing, promotions, and live events.
In particular, Tencent Music Entertainment is China's leading online music entertainment company and is operating innovative platforms such as online music, online karaoke, and music-oriented live streaming. Through this, it is raising the expectations to increase the role of music in life by "allowing users to search, listen, create, enjoy, share, and interact with music."
TME also expressed their excitement with the collaboration contract and said, "We are delighted to work with JYP (Entertainment) to create more content value and provide it to millions of Chinese music fans. JYP is one of Korea's top record labels, and is well-received especially among younger generation music fans on our platform."
Tencent Music also highlighted that this would give a wide value for JYP artists.
JYP then added, "We aim to contribute to the expansion of K-pop by providing not only the music of our artists but also quality content to music fans around the world in line with the trend of change and innovation."
With this, prominent acts under JYP Entertainment such as J.Y. Park, 2PM, Bernard Park, DAY6, TWICE, Stray Kids, and ITZY are expected to expand their influence in China and perform global activities.
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JYP Entertainment Plans to Debut Four New Groups this 2022
On the other hand, it seems like JYP Entertainment's partnership with TME is only one of the agency's huge steps to aim for the global market.
Despite GOT7's withdrawal from JYP Entertainment, it is expected that the company will see a 60% increase in its operating profit for the next two years.One of the factors of the increase is due to the upcoming four new idols, which are set to be launched in 2021 to 2022.
These groups include a Chinese-based boy group, a NiziU's male group counterpart, a U.S-based group, while the fourth group is expected to be formed through the SBS audition show, "LOUD."
As for their existing JYP artists, 2PM and ITZY is reportedly preparing for a comeback, while Day6 and TWICE are expected to release new music soon as well. As for Stray Kids, the group is set to showcase their full potential and talents in Mnet's reality music show, "Kingdom."
Related Article: JYP Entertainment Reportedly Planning to Debut Four Idol Groups by 2022
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Written by Eunice Dawson
