Allowing the major Korean conglomerate to expand its global artist business to the Greater China market.
On Monday, February 2, Korean entertainment giant CJ ENM announced the establishment of ONECEAD, which is a joint venture company it formed with NCC Entertainment—in turn a partnership between JYP Entertainment’s Chinese subsidiary JYP CHINA and China’s biggest online music platform, Tencent Music Entertainment (TME).
Aimed at expanding its global artist business with a strategic focus on the Greater China market, CJ ENM said the joint venture represents a “strategic collaboration,” as it will be combining CJ ENM’s content production expertise with JYP CHINA and TME’s local infrastructure and networks.
Furthermore, it noted that the partnership will focus on artist development and management, with plans to expand into music production, live events, and merchandise.
The joint venture also plans to develop a comprehensive music business encompassing artist management, production, touring and merchandise, with the goal of continuously expanding artist IP business throughout Greater China and global markets.
The name, it added, reflects a vision to cultivate “next-generation global artists” that synergizes CJ ENM’s core value of being the “ONLYONE” with JYP Entertainment’s mission as a “Leader in Entertainment.”
The joint venture’s first project will be managing MODYSSEY, a seven-member debut group formed through Mnet Plus’s original survival program PLANET C : HOME RACE.
The show, which is an expansion of Mnet’s global K-pop debut project BOYS II PLANET, concluded in late December with millions of fans worldwide voting to select the final lineup composed of members Hengyu, Fan Zheyi, Li Zihao, Lynnlynn, Suren, Yichen, and Rowan.
ONECEAD is also said to be marking an “important milestone” in the global music business strategy of the conglomerate, as it is building on CJ ENM’s success with LAPONE Entertainment in Japan.
The said agency handles artists such as JO1 and INI, both of which have established strong fandoms not only in Japan but across Asia and beyond.
Hence, with ONECEAD, it aims to work with partners in Greater China and build artist businesses that resonate both regionally and globally,” it added in its press statement.