YG Entertainment comes hand in hand with China’s representing IT company Tencent for a strategic MOU, creating a stage for cooperation and business expansion.
YG’s Executive Producer YANG HYUN SUK, CEO YANG MIN SUK, Tencent’s CSO James Mitchell, two of Tencent’s Vice Presidents came together at Hong Kong W Hotel at 2pm to sign the MOU that ties the two companies with a strategic partnership.
At the ceremonial speech, YANG MIN SUK commented, “It has only been since YG, the icon of Asia’s pop culture, entered the Chinese market. So we were in need of a good partner for faster growth, and this is how we came to sign the MOU with Tencent. YG’s contents and Tencent’s influential platform will come hand in hand to create synergy beyond imagination.”
Tong Taosang, the vice president of Tencent, commented, “The partnership is like a ‘aircraft carrier plan’ in the entertainment world, where YG’s music and stard contents come together with Tencent’s platform.”
Through this MOU, music and videos of YG artists will be shown to the local fans on QQ Music, the largest digital music service platform under Tencent. With this, Tencent is given the right to distribute YG’s contents exclusively in China.
The two companies agreed to protect digital music sales in order to rid illegal downloading and protect copyright.
Starting from 2015, the two companies will also come together to co-produce and manage broadcasting contents. YG, with the capacity to produce contents, will be in charge of the production while QQ Music will support the partner by investing with human resources, holding the rights to the contents in China.
YANG MIN SUK and Tong have high expectations: “With YG’s star-making capacity and Tencent’s large internet user base, the two companies will give birth to a one-stop star-making program where they discover, choose, train and promote stars in one.”
They will expand their partnership in other areas as well.
Tong added, “Apart from QQ Music, cooperation will YG will expand to developing new contents like SNS Platform QQ Zone, Mobile Messenger WeChat, games, videos, e-commerce and concerts.”
At the MOU, YG’s artists GD, TAEYANG, WINNER’s KANG SEUNG YOON and iKON’s BOBBY were also present. Others like PSY, EPIK HIGH, AKDONG MUSICIAN, LEE HI and WINNER sent their congratulatory messages using a video clip.
GD, when asked by the moderator the most memorable moment in 2014, wittily answered, “I think that will be today,”arousing an applause. GD, as the representing artist of YG, was invited to QQ Music Festival and QQ Music Award to be held in 2015.
At the MOU signing, more than 70 of China’s representing media like CCTV and Hong Kong Daily News came to report the big event.