Cube Entertainment Partners With Chinese Music Platform NetEase Cloud
Cube Entertainment has advanced its venture into the Chinese market.
The agency recently partnered with one of China’s largest music streaming platforms, NetEase Cloud Music.
On June 2, Cube shared, “Today, with China’s NetEase Cloud Music, we acquired a music content license worth 7.5 billion won (approximately $6.2 million) and agreed upon a partnered promotion contract using the IP (Intellectual Property) of Cube and Cube’s artists.” The cost of this partnership is around 25.14 percent of Cube Entertainment’s sales from last year of 29.8 billion won (approximately $24.4 million)
NetEase Cloud Music is an online music streaming service with nearly 900 million users and is known to be one of China’s top streaming platforms along with Tencent’s QQ Music.
Through this contract, music from Cube Entertainment’s artists will only be available in China through NetEase Cloud and the two companies will carry out partnered promotional activities across the country. Cube commented, “In addition to supplying our content services, this contract also establishes our strategic partnership and the joint venture development model that outlines our plans for promotional activities.”
According to Cube, the length of the contract spans three years, from October 10, 2020 until September 30, 2023.
Cube’s CEO Ahn Woo Hyung shared, “As NetEase Cloud Music has promised their full support, we have big expectations for the promotion of our artists as well as the development of their IP. Follow-up contracts utilizing Cube artists’ IP, such as for performances and management, will continue to proceed.”
This large-scale partnership is especially garnering attention for being one of the rare contracts between a Korean agency and a Chinese music platform following the 2016 ban China placed on the Korean Wave after South Korea established Terminal High Altitude Area Defense (THAAD) with the United States.