JYP signs distribution deal with Chinese firmJYP Entertainment, a leading K-pop agency, announced on Friday that it has signed an exclusive deal with China’s leading online music provider, China Music Corporation, allowing the company to distribute JYP’s music for the next five years.
The contract is known to be worth 5.2 billion won ($4.2 million), 10.8 percent of JYP’s total revenue in 2014.
The contract will expire in 2021 to ensure China Music Corporation’s right as an exclusive distributor of JYP content. The two parties will be setting up a joint venture to run various entertainment projects as well.
According to JYP, the Chinese company accounts for 60 percent of all online music distribution for PC users and 40 percent for mobile users in the mainland China market.
Many K-pop groups that belong to JYP Entertainment, such as Twice and Miss A, have recently been enjoying high popularity in China.
By Jeong Byung-ki