HomeNewsSouth Korea’s HYBE signs deal with China’s Tencent Music -newspaper

South Korea’s HYBE signs deal with China’s Tencent Music -newspaper

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[1/2] Members of K-pop boy band BTS pose for photographs during a news conference promoting their new album “BE(Deluxe Edition)” in Seoul, South Korea, November 20, 2020. REUTERS/Heo Ran

SEOUL, May 23 (Reuters) – South Korean entertainment company HYBE, home to K-pop superstars BTS, said on Tuesday it has signed a music distribution deal with China’s Tencent Music.

The Seoul Economic Daily reported earlier on Tuesday that the deal would see music from HYBE (352820.KS) artists become available on streaming platforms owned by Tencent Music Entertainment Group (1698.HK),including QQ Music, KuGou Music, KuWo Music, and WeSing.

Last week, Tencent Music announced a “deep strategic cooperation” deal with HYBE on music copyright and artist promotion in its latest collaboration with major Korean major music labels.

Spearheaded by the likes of BTS and Blackpink, South Korea’s pop music industry, known as K-pop, has enjoyed a rise in global popularity in recent years.

But the Chinese market has proven difficult to enter for South Korean entertainment companies due to Beijing’s unofficial ban on South Korean content.

Relations between the two countries took a hit in 2017 following South Korea’s installation of a THAAD system, a U.S. missile defence shield to better counter North Korea’s evolving missile threats.

Beijing had argued that THAAD’s powerful radar could peer into its airspace and responded sharply by cutting trade and cultural imports from South Korea.

Reporting by Hyunsu Yim; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

Source : Reuters

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