SEOUL (CelebrityAccess) – Independent publisher peermusic has acquired South Korea-based independent music publisher Music Cube, according to MBW.
The deal, which sees the company adding 40,000 Korean copyrights to its global catalog of more than 30 countries, includes works recorded by K-Pop groups BTS, Red Velvet and AOA among others.
Peermusic also announced that Heesun Park will be the General Manager of peermusic Korea, reporting directly to Mary Megan Peer, Deputy CEO, peermusic.
Commenting on the acquisition, Peer said in a statement: “We’re thrilled to continue our working relationship with Music Cube with this acquisition and to expand peermusic’s presence in IFPI’s sixth largest music market in the world.
“The growth of Music Cube’s repertoire both domestically and internationally has been phenomenal. Our representation of Music Cube’s catalogue worldwide has given us first hand visibility into the rising popularity of K-Pop around the globe. We’re looking forward to continue working with Heesun Park and her team.”
Park added: “The partnership between Music Cube and peermusic has been very important for us as Korean music has become more successful internationally over the past ten years.
“This deal is a huge win for our songwriters, who will benefit from even greater support and resources that come with joining a global publisher.
“We’re all excited to continue to build on all the work we’ve done with Mary Megan and the peermusic team by creating more collaborations between Korean and foreign songwriters.”
Prior to the acquisition, peermusic and Music Cube shared a 10-year partnership based on a reciprocal sub-publishing agreement, during which time peermusic also became a minority investor in the company.