Universal Music Group “href =” https://www.musicbusinessworldwide.com/companies/universal-music-group/ “> Universal Music Group and Korea’s Big Hit Entertainment” href = “https://www.musicbusinessworldwide.com/companies / big-hit-entertainment / “> Big Hit Entertainment announced details of a” history-making project “that will see the two companies together assemble and debut a new K-pop boy band.
The group’s music, not yet discovered, will be released under a new label from a joint venture based in Los Angeles, created by Big Hit in partnership with UMG and Geffen Records of the latter company. UMG chief Sir Lucian Grainge “href =” https://www.musicbusinessworldwide.com/people/sir-lucian-grainge/ “> Sir Lucian Grainge says the project will“ further accelerate K-pop as a global cultural phenomenon ”.
Members of the K-pop group will be selected through a global audition program that, according to Universal and Big Hit, is about to start in 2022 and will be launched in conjunction with a major US media partner.
The JV label was announced today as part of a broader “expanded strategic partnership” between Big Hit and UMG, which will also see both companies collaborating on various technology projects and platforms, including Big Hit’s Weverse and VenewLive.
Last week, UMG confirmed that it has become a capital investor – alongside Big Hit, YG Entertainment “href =” https://www.musicbusinessworldwide.com/companies/yg-entertainment/ “> YG Entertainment and Kiswe – on the VenewLive live-streaming platform.
The new JV label will see both Big Hit and Universal / Geffen, each claiming different global responsibilities.
Big Hit will use his experience to lead the discovery, training and development of new artists, processes for producing fan content and managing fan communications through the Weverse platform.
In addition to working closely with a U.S. media partner to produce the audition program, Geffen Records will oversee music production, marketing and global distribution operations.
“I am sure that what we are announcing here today will mark the beginning of a new chapter in the history of music.”
Sir Lucian Grainge, Universal Music Group
The broader partnership agreement will make UMG artists make use of Big Hit’s digital platforms, including the direct fan platform, Weverse, which reached 10 million downloads in early 2020 and which, according to Lenzo Yoon of Big Hit, is used by fans in 200 countries.
Weverse, developed internally by the Big Hit subsidiary beNX, brings together content made by and for artists, including video clips, teasers, films, merchandise sales and even live streams, featuring everything in one place for multiple artist fan communities.
The platform is already being used by UMG artists like Gracie Abrams and New Hope Club. Alexander 23 and Yungblud will join Weverse in the coming months.
Speaking today, Sir Lucian Grainge, President and CEO of Universal Music Group, called Big Hit “one of the most innovative music entertainment companies in the world, having achieved phenomenal global success in demonstrating that good music can overcome cultural and language differences ”.
Grainge commented, “We are excited to work with the powerful team behind the worldwide success of the Grammy-nominated BTS group and I am sure that what we are announcing here today will usher in a new chapter in music history.”
Grainge continued: “[The] the success of both companies was built on a basis of shared values, including an ethics of mutual respect with our artists, an experience in connection with fans and our ability to leverage technology to build global entertainment brands that transcend music. “
“I can’t wait to see what incredible music and entertainment the partnership between our companies will bring.”
Sir Lucian Grainge, Universal Music Group
The head of Universal added: “Big Hit Entertainment president and CEO Si-Hyuk Bang and global CEO Lenzo Yoon bring an innovative perspective on the incredible growth opportunities in the entertainment industry today.
“I can’t wait to see what incredible music and entertainment the partnership between our companies will bring.”
Bang Si-Hyuk, President and CEO of Big Hit Entertainment, said: “Universal Music Group is a global leader in the music-based entertainment industry. It is one of the most influential companies that includes the main brands in the world.
“Lucian, who made UMG what it is today, is undoubtedly one of the biggest innovators in the industry. Establishing a joint venture and undertaking several global projects with this group is truly an honor. “
“I strongly believe that UMG and Big Hit, two companies that [have] the innovation continuously sought, will create a synergy that rewrites the history of global music. “
Bang Si-Hyuk, Big Hit Entertainment
He added: “The influence of UMG [and] the experience accumulated in the world music market, together with Big Hit Entertainment’s pioneering ideas and innovations, will make possible achievements previously unimaginable.
“I would like to extend my gratitude to Lucian and Lenzo, who played important roles in making this strategic partnership agreement a reality. I strongly believe that UMG and Big Hit, two companies that [have] the innovation continuously sought, will create a synergy that rewrites the history of global music. “
Lenzo Yoon, Global CEO & Business, Big Hit Entertainment said: “I am extremely excited about the idea that the future Big Hit and UMG will present themselves together. The importance of this project as an application of the winning formula that Big Hit Entertainment has established over the past 16 years in the United States, the center of the global music market, cannot be overstated.
“The importance of this project as an application of the winning formula that Big Hit Entertainment has established over the past 16 years in the United States, the center of the global music market, cannot be overstated.”
Lenzo Yoon, Big Hit Entertainment
Yoon also explained that the new group signed with Big Hit and Universal’s JV label would work based on the “K-pop system”, performing a combination of music, performance, fashion, video clip and direct communication with fans.
He added: “The result will transcend a partnership between two companies and the union of two sectors to become the fusion of cultures. I hope that this path, initiated by our two companies, will be the testimony of a new opportunity for the music industry. “
“This project offers us both an incredible opportunity to learn from each other, to challenge ourselves and to help shape each other’s next stage of evolution. We couldn’t ask for a better partner. “
John Janick, Interscope Geffen A&M
John Janick, President and CEO of Interscope Geffen A&M said: “We are all incredibly excited about this joint venture project between UMG’s Geffen Records and Big Hit.
“Personally, I am particularly excited that we are involving two leading global entertainment companies, each representing the East and the West.”
Janick added: In short, this project offers us both an incredible opportunity to learn from each other, to challenge ourselves and to help shape each other’s next stage of evolution. We couldn’t ask for a better partner. “World Music Business
