Universal Music Group (UMG), the world’s largest music company, and Big Hit Entertainment, the Korean label behind the international superstars BTS, are partnering on a new joint venture to develop a new boy group, the two companies announced in a pre-recorded live broadcast on Wednesday.
The new venture, based in Los Angeles as a collaboration between Big Hit and UMG’s Geffen Records, will launch a new group of global K-pop boys in the U.S. in 2022 after candidates compete in a global television audition process, CEO Big Hit global leader, Lenzo Yoon said in the announcement. Big Hit will work with UMG through the American arm of Korean record label Big Hit America, Yoon said.
Yoon said Rolling Stone in October, Big Hit’s mission is to become a comprehensive global “entertainment and lifestyle service”, and the label has been quietly doubling its technology, intellectual property licensing, partnerships and derived content in recent years.
“I am particularly excited that we are involving two leading global entertainment companies, each representing east and west,” said John Janick, president and CEO of Interscope Geffen A&M Records at UMG. “For our part, Geffen Records has a rich history of legendary artists who have had a strong impact on musical culture over the past 40 years. In short, this project offers us both an incredible opportunity to learn from each other, challenge each other and help shape each other’s next stage of evolution. ”Geffen Records was once home to artists like Nirvana, Avicii and Olivia Rodrigo.
Along with the partnership for the new group, UMG CEO Sir Lucian Grainge said the company will bring artists like Yungblud and Alexander 23 to Big Hit’s artist-fan interaction service, Weverse.
And arriving just a week after UMG’s investment in Big Hit’s livestreaming platform, VenewLive, the strategic partnership of Big Hit and UMG unites the two powers even more.
Grainge also said that the company will bring artists to WeVerse for curated presentations: “We have long recognized that technology has the potential to offer benefits to artists and fans. This means working to support new platforms and business models that connect artists and their music to fans in new and attractive ways. Big Hit shares this vision – they are an ideal partner for us. “
Big Hit President and CEO Bang Si-Hyuk added: “Our two companies really have many things in common, from our quest for innovation to our commitment to providing our fans with genuine music and content of the highest and most uncompromising level. quality. I hope you are looking forward to our new global market adventure that Big Hit and UMG will form together. “