KT Enters Vietnam Music Streaming Market... Exports Genie Music Platform
Signed MOU with Vietnamese TV Subsidiary
Localization of Genie Music Platform Business Model
Strategy Development for K-pop Music Distribution
KT announced on the 9th that it will be the first domestic company to promote a music streaming business locally in Vietnam. The photo shows, from right to left, Moon Seong-wook, Head of KT Global Business Division, and Bui Huy Nam, CEO of VTV Cable, taking a commemorative photo remotely. Photo by Moon Seong-wook
View original image[Asia Economy Reporter Cha Min-young] KT is the first domestic company to promote a music streaming business locally in Vietnam.
On the 9th, KT announced that it signed a Memorandum of Understanding (MOU) to promote a music streaming business with Vietnam Television Cable (VTV Cable), a subsidiary of Vietnam Television (VTV), the central government broadcaster and comprehensive cable TV operator (SO) in Vietnam. The business agreement, conducted via video conference, was attended by Moon Sung-wook, head of KT's Global Business Division, and Bui Huy Nam, CEO of VTV Cable.
Through this MOU, the two companies will optimize the platform business model of Genie Music, a KT group company, to meet the local customers' music consumption demand and establish strategies for distributing K-pop music.
They agreed to form a special dedicated task force (TF) to promote the Vietnamese version of the Genie Music service. The detailed cooperation includes ▲ planning the GTM (Go-To-Market) music streaming business model and related services ▲ platform design and operation system construction ▲ K-POP music distribution and intellectual property (IP) management.
In particular, KT will transfer its know-how in the music streaming business based on Genie Music's ABC (AI, Big Data, Cloud). KT will support ▲ music platform personalization through AI technology ▲ UX application based on customer big data ▲ construction of music metadata database (DB) ▲ system operation for music distribution and intellectual property (IP) management.
In the future, they plan to promote platform construction projects and expand cooperation into media content businesses such as Internet TV (IPTV) and Over-The-Top (OTT) online video services.
Moon Sung-wook, head of KT's Global Business Division, said, "With this MOU signing, KT has proven its digital platform (Digico) competitiveness in the global media content market." Cho Hoon, CEO of Genie Music, stated, "We will promote cooperation with the Vietnamese government broadcaster and various platform businesses to showcase the value of the K-pop content platform worldwide and spread the new Korean wave."
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Bui Huy Nam, CEO of VTV Cable, said, "We look forward to a groundbreaking music streaming service supplied with KT's excellent DX capabilities and high-quality K-content IP."
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