Sony Music Entertainment Korea has struck a strategic partnership through equity investment with KQ Entertainment, the Seoul-based record company which has K-Pop boyband Block B, urban vocalist Babylon and others on its roster.
The deal was signed and announced this week by Denis Handlin, Chairman & CEO Australia & New Zealand and President, Asia, Sony Music Entertainment, and Sean Kim CEO, KQ Entertainment.
“We are delighted to partner with KQ Entertainment and Sean Kim. Sean and his team have developed an exciting roster of artists who are capturing the admiration of music fans in Korea and abroad,” comments Handlin. “We are very focused on expanding the reach of KQ’s artists and to develop new Korean artists with Sean in the future. These are exciting times, with the Korean market growing strongly and K-Pop artists continuing to build an even larger fan base around the world.”
Sean Kim, CEO, KQ Entertainment, says the deal positions his company for international expansion. “We believe that this partnership reflects K-POP's successful transition into an internationally accepted music genre, and the global competitiveness of KQ Entertainment's artists,” he says. “We are excited by this partnership with Sony Music and we very much appreciate Denis Handlin’s great support. This partnership provides us the opportunity to aggressively expand into the overseas market and create unprecedented projects to all the K-Pop fans around the globe.”
Kpop has never been hotter. Earlier this week, Korean boy band BTS made history at the American Music Awards by becoming the first K-pop group to ever perform on a major American award show. KCON, the world’s largest Korean culture convention and music festival, came to Australia for the first time in September, a few months after G-Dragon played arenas around the country.