Genie Music Invests in Parable Entertainment
Jointly Promoting Virtual Music Popularization and Global Expansion
Genie Music is making a full-scale entry into the 'virtual artist' business.
Genie Music announced on the 16th that it has signed a business agreement with Parable Entertainment to expand the virtual artist business.
Parable Entertainment owns multiple virtual artist IPs (intellectual properties) such as ‘Isekai Idol’ and ‘Psycode’, as well as a YouTube creator network. The company has expanded its business areas through virtual artist music album releases, concerts, and pop-up stores, proving the growth potential of the virtual artist market.
Genie Music focused on the potential of the virtual artist market and Parable Entertainment’s business capabilities and expertise. It plans to pursue business cooperation and make a certain scale of equity investment in the future.
Earlier, the two companies jointly opened the pop-up store ‘Ise-dol Popupbwat?’ for Isekai Idol at The Hyundai in Yeouido in February, marking the beginning of their collaboration.
Genie Music plans to jointly promote businesses such as music distribution, album production, performances, and commerce using Parable Entertainment’s virtual artists. Additionally, it will actively seek cooperation plans with KT Group’s media content business.
Parable Entertainment plans to actively promote the music business using virtual artists with Genie Music and expand its fandom base through channel expansion. Based on this, the company aims to pursue global expansion as well.
Seo In-wook, CEO of Genie Music, said, "Through cooperation with Parable Entertainment, we will provide customers with music experiences of virtual artists and actively expand the domain of virtual artists within the existing music ecosystem."
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