Music&New Forms Strategic Partnership with Musicow

[Asia Economy Reporter Lee Isul] Music and New (CEO Kim Seungmin), a music business subsidiary of content media group NEW (Chairman Kim Wootak), announced on the 13th that it has formed a strategic partnership with Musicow (General Director Jung Hyunkyung) to expand the value of music intellectual property (IP) and activate distribution.

Music and New and Musicow signed a content and equity transfer contract for over 1,500 songs at the end of April. Through this contract, albums produced by Music and New, as well as OSTs, the sound fairy tale series "Lemong," and infant and kids content owned by the company, will be presented as attractive assets through Musicow.

Additionally, Music and New will distribute the sound sources owned by Musicow to global platforms including domestic music sites, Apple Music, Spotify, TikTok, and QQ Music. Based on its know-how collaborating with leading industry companies such as Genie Music and NHN Bugs, Music and New plans to seek expansion of distribution channels for music IPs to be listed in the future and will serve as a content asset distribution partner.

Music and New focused on a new growth model where music is not simply consumed but shared with fans and investors, expanding its value and sharing profits. Accordingly, Music and New explained that it has established a pipeline that creates new value through cultural finance, following sales driven by the music streaming market on platforms such as TikTok and YouTube.

Music and New stated, "We plan to propose new business models to creators and rights holders with Musicow, provide investors with a wide range of investment options including K-pop, indie music, and OSTs, and realize a virtuous cycle structure through expanding music IP and fostering a healthy investment environment."

Kim Seungmin, CEO of Music and New, said, "We hope that music IP will be reborn as competitive content in the market, becoming a new culture where the public can enjoy and share profits together, and that it will provide opportunities for value expansion to creators and industry stakeholders."

Meanwhile, Music and New is also developing music IP utilization businesses based on future value by signing an NFT business agreement with blockchain specialist Galaxia Metaverse. Furthermore, it has established a global network encompassing domestic top LP producer Majang Music & Pictures, the longest-running domestic record company Oasis Records, and distribution partners including Spotify, Tencent Music, and Warner Music.

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