Two of the biggest entertainment companies in South Korea—and, arguably, the world—announced on Wednesday, Jan. 27 that they are joining forces.
In a joint statement, YG Entertainment and Big Hit Entertainment said that they have forced a “strategic partnership” that will expand their reach in "content distribution, content, and media platforms”.
This is why the partnership is a big deal: YG Entertainment—an entertainment company that serves as a record label and talent agency, among others—is home to South Korean music pop acts such as Blackpink and Big Bang. Big Hit Entertainment, meanwhile, is the agency of South Korean boy band BTS.
Both Blackpink and BTS are easily the biggest musical acts in the world today.
"We have prepared a new turning point for both companies, which have been aiming to be the best in their respective fields. We will grow together through various collaborations that will influence the overall entertainment lifestyle," YG and Big Hit said in the statement.
Variety also reports that Big Hit Entertainment’s subsidiary company beNX invested $63 million into YG Entertainment subsidiary YG Plus.
The partnership means YG’s artists and content will be available on Weverse, Big Hit’s highly successful multimedia online platform (where most BTS content can be found).
Meanwhile, YG Plus is expected to boost Big Hit Entertainment’s distribution and merchandise activities.
Photo credit: Steven Ferdman/Getty Images/AFP from Philstar.com