Seven of the biggest South Korean entertainment companies attended a signing ceremony on Thursday (July 19) to establish what is being called the Korean VEVO -- a global platform company called Music and Creative Partners Asia Ltd. (MCPA). [The new company is not affiliated with VEVO.] The companies involved in the new venture are MYSTIC Entertainment, Big Hit Entertainment, Star Empire, SM Entertainment, FNC Entertainment, YG Entertainment and JYP Entertainment.
According to a press release from SM Entertainment, “MCPA will serve as a representative window for determining and negotiating music video distribution and related policies for YouTube and other global digital service platforms, and will also provide new platform services for distributing music video contents.”
MCPA will specifically focus on the distribution and management of K-Pop music videos, with the intention of eventually forming a broadcast platform in order to produce and supply original content.
The executives who were present at the signing ceremony were Mystic CEO Cho Young-Chul, Big Hit chief brand officer Yoon Suk Joon, Star Empire CEO Lee Seung Joo, SM CEO Han Se Min, FNC managing director Kim Yoo Sik, YG vp Choi Sung Joon and JYP vp Byun Sang Bong.
