HYBE partners with Tencent Music, the largest music platform in China, to solidify its hold in the Chinese market.
Targeting the Chinese market, HYBE has teamed up with Tencent Music. Through this agreement, Tencent Music’s platforms, including QQ Music, KuGou Music, KuWo Music, and WeSing, will now become the official platforms for Chinese consumers to access HYBE’s latest and upcoming music releases.
The partnership strives to support musical sources and artists. According to an HYBE spokesperson, the contract terms and distribution status have not yet been confirmed.
HYBE will specifically target the large Chinese music industry with its new agreement. To build a greater local presence, they have already started hiring Chinese employees for content planning, production, and business operations. While speaking at the Kwanhun Forum in March, HYBE Chairman Bang Si Hyuk noticed the obvious slowing in K-pop indicators and noted that the Chinese market was still expanding despite Hallyu’s restrictions.
On top of that, Tencent Music also emphasized its strengthened partnership with HYBE in its Q1 earnings release.