SM Entertainment Enters Into Strategic Partnership Agreement With China’s Tencent Music
SM Entertainment has joined hands with China’s Tencent Music Entertainment Group!
On January 30, SM Entertainment announced, “We recently entered into a strategic partnership agreement with Tencent Music that includes music distribution and marketing in the Chinese market.”
As per the partnership, several music-related content such as the music tracks and music videos of SM Entertainment’s artists including EXO, TVXQ, Super Junior, SHINee, Red Velvet, and NCT will be distributed and marketed in China through various online and offline channels.
Regarding the agreement, SM’s CEO Han Se Min stated, “Our partnership with China’s biggest online music entertainment platform holds great meaning as our company’s sales on global platforms are rapidly growing. Through the agreement of the distribution of contents like music tracks and music videos, we will distribute our content in the Chinese music market and move forward with strong marketing collaborations.”
He added, “In addition, we are planning additional business partnerships through several online and offline channels. We are expecting increased profits in China for content related to music starting this year.”
Tencent Music is a leading Chinese online music entertainment company that provides social entertainment services centered around music and owns the four most well-known mobile music services in China (QQ Music, KUGOU Music, KUWO Music, WeSing). Its services have over 800 million paid users. Last December 12, Tencent Music was listed on the New York Stock Exchange, making it one of the world’s biggest music platform companies along with Spotify, Apple Music, and Amazon Music.