Red Velvet [Photograph by Yoo Dae-gil = dbeorlf123@ajunews.com]
SEOUL -- The online music streaming service wing of China's technology giant Tencent forged a strategic partnership with SM Entertainment, a leading K-pop powerhouse, to promote and distribute songs and music videos of SM artists such as EXO, Red Velvet and Super Junior.
"Through this agreement, we will carry out all-round content distribution and marketing cooperation in the Chinese market," SM CEO Han Se-min said in a statement, adding the two companies would team up in online and other sectors.
Tencent Music, established in 2016, has forged alliances with South Korean companies. Last year, the Chinese company joined hands with JYP Entertainment to launch a boy band in China.
Tencent Music Entertainment operates popular music apps such as QQ music, Kugou and Kuwo. It has more than 700 million active users and 120 million paid subscribers. According to Hong Kong-based media South China Morning Post, Tencent Music's services hold an estimated 56 percent market share of China's music streaming services.
Oher than its artist nurturing business, SM has diversified its business scope. The company agreed with SK C&C, an information and technology wing of SK Group, to develop an artificial intelligence music-curating platform.
reporter
Park Sae-jin
swatchsjp@ajunews.com
