Zhou Mi
SM Entertainment and Tencent Music Join Forces on New Beijing-Based Co-Venture: STE
This move sees a Chinese and South Korean powerhouse pool their resources for the greater China market
SM Entertainment, a major K-pop player out of South Korea, and Tencent Music, China’s main streaming service provider, have entered into a joint venture called STE. The new operation will be based out of Beijing, and it will focus on developing artists for the greater China market.
The details:
Zhoumi, a prominent Chinese artist and member of Super Junior-M, will be CEO of STE.
STE will be in charge of auditioning, selecting, and managing new music groups in China.
STE will also oversee the China management of three SM artists moving forward: NCT DREAM's Renjun, WayV's Yangyang, and Xiaojun.
What they said:
Zhoumi: “I am delighted to serve as the representative of this joint venture, which was born from the solid trust and strategic vision between SM and TME. I will perfectly combine SM’s unrivaled strengths in IP and content production with the unique characteristics of the Greater China market to showcase differentiated content and generate meaningful results as a bridge between the two companies.”
👋 Disclosures & Transparency Block
This article was written with information sourced from Music Business Worldwide.
We covered it because it represents a major collaboration across the Asia region.
