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Cube Entertainment has partnered with Kakao Entertainment Corp. for music distribution. The talent agency and music production company revealed it has signed an ₩80 billion or $62 million contract with Kakao Corporation’s entertainment, mass media, and publishing wing worth on Wednesday, Dec. 21.
According to Korea Joongang Daily, with the contract between Cube Entertainment and Kakao Entertainment in place, the latter will have exclusive distribution rights to the former’s music content in the next five years.
Kakao Entertainment operates Melon which is considered the largest music service in South Korea thus, the music distribution is very advantageous for Cube Entertainment which houses popular groups, including the 6-member BTOB boy band, 9-member Pentagon, and 5-member (G)I-DLE girl group. Domestically, Melon Music also ranks second in market share after Youtube music.
Currently, (G)I-DLE is the most popular group in Cube Entertainment, and the lead tracks in the two albums that they released this year, titled “Tomboy” and “Nxde” both placed first on major local charts as well as music programs in the country. The songs also topped iTunes in several regions.
"This deal is evidence of the higher value that Cube Entertainment is being assessed at in the market," the entertainment firm’s spokesman stated. "We believe it will not be difficult to pull off the revenue target, as (G)I-DLE has been achieving its biggest success yet. The amount has given us the room to react better to the fast-changing market conditions."
Kakao Entertainment will be paying ₩50 billion at the completion of the deal by January 2023 and will pay the remaining once Cube Entertainment starts to generate revenue and reaches more than the agreed benchmark. On the other hand, the latter will use this payment for the production of albums and music development.
“Based on the secured funds, we have laid the foundation to flexibly respond to changes in the rapidly changing industrial environment in line with the recent signs of reopening of China and lifting of restrictions in the Korean Peninsula,” Newsen quoted Cube as saying in a statement.
The company added, “We have enough room to invest in and support new artists as well as existing artists. Through this contract, synergy is expected through additional collaboration between Cube Entertainment and Kakao Entertainment.”
