Genie Music Signs K-Pop Music Supply Contract with Tencent Corporation

[Asia Economy Reporter Koo Chae-eun] Genie Music announced on the 27th that it recently signed a contract with Tencent Music to supply K-pop music tracks.

Through this contract, Genie Music will be able to supply K-pop music tracks to platforms under Tencent Music Entertainment Group, a leader in China's online music entertainment business. Additionally, through the global company FUGA, it will provide music tracks to over 50 overseas platforms including Amazon Music (USA), Anghami (Middle East), Yandex Music (Russia), Tidal (USA), JioSaavn (India), and Qobuz (France).

A Genie Music representative explained, "We have been supplying K-pop music tracks to major overseas platforms such as Apple Music, Google Music, and Spotify. By signing this contract, we will further expand our global reach based on the music content distribution capabilities and network infrastructure we have built so far." In fact, according to the Korea Foundation for International Cultural Exchange, K-pop has shown growth potential by ranking 6th in revenue for two consecutive years in the global music market, following the USA (1st) and Japan (2nd).

Cho Hoon, CEO of Genie Music, stated, "We are very pleased that through this contract, we can introduce the K-pop music tracks distributed by Genie Music to a wider range of global fans," adding, "Through this, we will actively promote the value of K-pop worldwide and strengthen the competitiveness of the Korean music industry."

This content was produced with the assistance of AI translation services.