Cube Entertainment has superior its enterprise into the Chinese market.
The company just lately partnered with one in all China’s largest music streaming platforms, NetEase Cloud Music.
On June 2, Cube shared, “In the present day, with China’s NetEase Cloud Music, we acquired a music content material license value 7.5 billion gained (roughly $6.2 million) and agreed upon a partnered promotion contract utilizing the IP (Mental Property) of Cube and Cube’s artists.” The price of this partnership is round 25.14 % of Cube Entertainment’s gross sales from final yr of 29.eight billion gained (roughly $24.four million)
NetEase Cloud Music is a web-based music streaming service with almost 900 million customers and is thought to be one in all China’s prime streaming platforms together with Tencent’s QQ Music.
Via this contract, music from Cube Entertainment’s artists will solely be out there in China by means of NetEase Cloud and the 2 firms will perform partnered promotional actions throughout the nation. Cube commented, “Along with supplying our content material providers, this contract additionally establishes our strategic partnership and the three way partnership growth mannequin that outlines our plans for promotional actions.”
In response to Cube, the size of the contract spans three years, from October 10, 2020 till September 30, 2023.
Cube’s CEO Ahn Woo Hyung shared, “As NetEase Cloud Music has promised their full assist, we now have large expectations for the promotion of our artists in addition to the event of their IP. Observe-up contracts using Cube artists’ IP, akin to for performances and administration, will proceed to proceed.”
This massive-scale partnership is particularly garnering consideration for being one of many uncommon contracts between a Korean company and a Chinese music platform following the 2016 ban China positioned on the Korean Wave after South Korea established Terminal Excessive Altitude Space Protection (THAAD) with the US.
Cube Entertainment is dwelling to artists together with BTOB, Jo Kwon, CLC, PENTAGON, (G)I-DLE, Jang Hyun Seung, and extra.
How does this text make you’re feeling?