Cube Entertainment has pushed ahead with its plans on the Chinese market.
The agency recently partnered with one of China’s largest music streaming platforms, NetEase Cloud Music.
On June 2, Cube said, “Today we acquired a license for music content worth 7.5 billion won (approximately $ 6.2 million) with NetEase Cloud Music in China and a partner advertising contract using the intellectual property of the artists of Cube and Cube completed. ”The cost of this partnership is approximately 25.14 percent of Cube Entertainment’s revenue of 29.8 billion won over the previous year (approximately $ 24.4 million).
NetEase Cloud Music is an online music streaming service with almost 900 million users and is considered one of the best streaming platforms in China alongside Tencent’s QQ Music.
With this agreement, music from Cube Entertainment artists will only be available in China via NetEase Cloud, and the two companies will conduct partner promotional activities nationwide. Cube commented, “In addition to providing our content services, this agreement also establishes our strategic partnership and joint venture development model that outlines our plans for advertising.”
According to Cube, the term of the contract is three years from October 10, 2020 to September 30, 2023.
Ahn Woo Hyung, CEO of Cube, said: “Since NetEase Cloud Music has promised their full support, we have great expectations of promoting our artists and developing their intellectual property. Follow-up contracts that use the intellectual property of Cube artists, such as: B. for performances and management, will continue. “
This large-scale partnership is particularly noteworthy as it is one of the rare contracts between a Korean agency and a Chinese music platform after China banned the Korean wave in 2016 after South Korea founded the High Altitude Area Defense (THAAD) terminal with the United States Conditions.
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