[AP / Yonhap]
SEOUL -- South Korea's seven leading entertainment companies launched the Korean version of Vevo, an American multinational video hosting service, to jointly distribute and manage K-pop music video contents through a global platform.
The seven companies -- SM, YG, JYP, Big Hit, Mystic, FNC and Star Empire -- signed an agreement Thursday to launch a joint company tentatively called "Music & Creative Partners Asia (MCPA)".
MCPA will serve as a window for determining and negotiating the distribution of music videos and related policies for YouTube and other digital service platforms. It will provide new platform services for music video contents and a forum for business plans.
Like Vevo, MCPA will serve as an integrated distributor of music videos to create new business models and enhance the global competitiveness of Korean music contents and artists.
Vevo was founded in 2009 as a joint venture between three major record companies, Universal Music Group, Sony Music Entertainment and EMI, to provide their music videos to YouTube, live-stream content from famous musicians and sponsor various concerts.
