HYBE Signs Distribution Deal With Tencent Music

South Korea-based euphony and intermezo institution HYBE signed a euphony distribution woody pinch Tencent Music Entertainment this week, according to media reports.

Reuters, citing an article by nan Seoul Economic Daily, reported Tuesday (May 23) that nan statement allows euphony by BTS, TOMORROW X TOGETHER and different HYBE artists to beryllium streamed connected Tencent Music’s platforms.

Shenzhen-based Tencent Music operates QQ Music, Kugou Music, Kuwo Music and nan karaoke singing app WeSing.

HYBE and Tencent Music did not respond to requests for comment.

HYBE has been expanding its U.S. beingness since its 2021 acquisition of Scooter Braun‘s Ithaca Holdings. Following HYBE’s acquisition of QC Media Holdings — genitor institution of hip-hop explanation Quality Control — earlier this year, laminitis and president Bang Si-hyuk said this was “just nan beginning” of its world ambitions, and expressed a “sense of urgency” for nan institution to look extracurricular of South Korea for early maturation opportunities.

“We are surviving successful an era wherever everything we do successful nan contented manufacture resonates beyond geographical boundaries,” Bang said. “At nan aforesaid time, K-pop has go a world manufacture that tin only proceed to turn by targeting some home and world markets.”

China’s starring euphony streaming platform, Tencent Music reported earnings past week that hit marketplace expectations, pinch quarterly gross up 5.4% to RMB 7 billion ($1.02 billion) acknowledgment to an 18% jump successful paying euphony subscribers.

Tencent has been gaining streaming marketplace stock successful China done partnerships for illustration nan woody pinch HYBE arsenic good arsenic pinch unrecorded events and creator promotion pinch companies for illustration JD.com.

In 2019, Tencent Music struck a akin woody pinch rival K-pop agency SM Entertainment. Earlier this year, HYBE backed retired of a bidding war pinch Korean tech institution Kakao for power of SM, electing to waste its 15% liking to Kakao for 564 cardinal won ($435 million).