[Asia Economy Reporter Jang Hyowon] Soribada announced on the 15th that the music supply contract signed with China's top three music platform company, Taihe Music Group, is planned to start service this month. Through this contract, both companies will mutually provide music tracks. In the long term, they plan to expand the service areas to culture, content, entertainment, copyrights, and fan services.
Soribada plans to provide Chinese music owned by Taihe Music Group to Chinese residents living in Korea, targeting the core demand in the domestic market. Along with this, they will actively utilize Taihe Music Group's online live concert broadcasting system and online fan signing event technology to accelerate the entry of Hallyu artists into the Chinese mainland.
Soribada's overseas music business began in June when its third largest shareholder, Hallyu TV Seoul Co., Ltd., signed a partnership agreement with Taihe Music Group. Subsequently, in August, the '2020 Soribada Best K-Music Awards' was provided to global platforms including China, making the entry into China more visible.
Taihe Music Group operates various music service platforms including Qianqian Music (千千音?, currently Baidu Music). Recently, it has been recognized for contributing to the development of the music industry by successfully hosting China's large-scale outdoor concert music festival, the Maitreya Music Festival (?勒音??).
A representative of Taihe Music Group stated, "The joint venture with Hallyu TV Seoul will be a great opportunity to grow global content within the Taihe Music Group ecosystem," and added, "Along with this, Soribada, Korea's first-generation music platform, is expected to serve as a bridge for music exchange between the two countries, providing users with richer cultural content."
A Soribada representative said, "Through the partnership and joint venture with Taihe Music Group, it will be an opportunity not only for musical exchange between Korea and China but also to combine cultural contents of both countries to expand the cultural domain of Korea and China in the global market," and added, "In the long term, we plan to expand the fields to enable exchanges in various areas such as culture, content, and entertainment beyond the music business."
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