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CJ E&M, South Korea’s arch ball conglomerate, is to barrage a collective adventure music aggregation with Big Hit Entertainment, the bureau abaft K-pop awareness BTS. The move appears to be CJ’s best accurate move to own music IP.
“The two companies accept agreed to set up a collective venture, but we still accept to complete acknowledged steps. All capacity except for the absolute account are accountable to change,” CJ’s agent told Variety. According to abstracts submitted to the Fair Trade Commission, CJ will accommodate 51% of the $6.25 actor (KRW 7 billion) starting capital.
The new company, tentatively called Belief, is advised to ascertain and alternation raw aptitude who will admission as all-around idol bands.
CJ currently has accessory music labels such as AOMG, Jellyfish, Music Works and B2M, which it has anchored through acquisition. CJ has star-development platforms and know-how, but little IP to alarm its own.
The aggregation provides assorted platforms for absolute and abecedarian artists to accomplish debuts in the boilerplate music scene. It operates TV audience programs such as “Superstar K,” two seasons of “Produce 101,” “Boys24,” “Idol School.” The latest is “Produce 48”—a accord with Japan’s idol babe bandage AKB48. Winners of those shows accept offered administration affairs with labels that are not CJ-owned, or accustomed as acting bands whose alone associates acknowledgment to their aboriginal agencies already the accumulation affairs expire.
Girl bandage Fromis 9, composed of finalists from 2017’s “Idol School,” is the aboriginal and so far alone artisan that CJ has launched beneath its own label, Stonemusic Entertainment.
Independent administration agency, Big Hit has appear into the spotlight with the all-embracing success of BTS, which afresh hit cardinal one in the Billboard 200 chart.
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