Korea’s three biggest music production companies – SM Entertainment, YG Entertainment, and JYP Entertainment – will come together to launch a grand project called “Korea Music Power (KMP).” Representatives of these three companies will meet for a press conference on Thursday at Sejong Performance Center in downtown Seoul to unveil the details of their project.
In order to promote the nation’s struggling music industry, the KMP project is to push for a revision of Korea’s copyrights law and improve the distribution of entertainment contents. It also plans to set up a new music award based on the fair assessment of music charts and hold Dream Concerts and other public events.
Some of the top musicians belonging to these production companies include TVXQ of SM Entertainment, Big Bang of YG Entertainment, and Wonder Girls of JYP Entertainment. (KBS)
Here’s another similar article from the Korea Herald
Major music firms join hands to overcome low sales
Five major South Korean music firms said Thursday, they will join forces under the title “Korea Music Power” to overcome the dwindling consumption of local pop music and the spreading use of illegal music downloads on the Internet, according to Yonhap News.
The project — joined by local music power houses including SM Entertainment, YG Entertainment, JYP Entertainment, Line Media and Star Empire Entertainment — aims to revise copyright laws and energize the local music market, participants in Thursday’s press gathering said.
“There is a need for us to reform the overall music industry,” said Kim Young-min, head of SM Entertainment. “The problems have been existing for such a long time that we’ve all become blind and numb — but we can’t go on this way.”
The Korean pop music industry has been suffering from record low sales since 2000 due largely to the spread of illegal downloads on the Web.
Top-rate popular South Korean musicians, who used to sell as many as one million discs in the 1990s, have experienced steep reductions in sales over the past few years, barely managing to sell a few hundred thousand CDs and tapes.
The Korea Music Power project, sponsored by the Korea Entertainment Producer’s Association, will together set up a music awards event and fund free-of-charge concerts throughout Korea and Asia, participated in by top singers. The first such concert is scheduled for Oct. 10.
The South Korean government said earlier it would spend about $9 million dollars in propping up the country’s pop music industry.