Genie Music and 1MILLION have decided to open a new horizon in the music and dance business through business cooperation.
On the 14th, Genie Music signed a memorandum of understanding for a strategic partnership with the global dance label 1MILLION. The signing ceremony took place at the 1MILLION headquarters in Seongsu-dong, attended by Genie Music CEO Seo In-wook, 1MILLION CEO Kim Hye-rang, and Yoon Yeo-wook.
1MILLION, led by top choreographer Lia Kim and 45 professional choreographers, has secured 26.3 million YouTube subscribers over the past decade through K-pop choreography creation, video content production, and distribution, enhancing the status of K-pop dance in the global market. They have also taken the lead in popularizing dance by operating an offline dance studio in Seongsu-dong. The 1MILLION Seongsu studio has become a K-pop landmark, currently attracting over 10,000 students monthly.
Genie Music operates music content businesses, including the music platform Genie and performance businesses, achieving an annual revenue of 307 billion KRW on a consolidated basis in 2023. Through close business collaboration with shareholders KT, CJ ENM, LG U+, and its subsidiary Millie's Library, Genie Music has created business synergies and has been leading the domestic music market by establishing a win-win music ecosystem with copyright holders. Genie Music plans to comprehensively expand joint projects with 1MILLION based on its music platform, content, and AI technology capabilities.
The two companies have agreed to establish a strategic partnership across the entire content and platform business, exploring ways to jointly promote music content, MD and other supplementary content, and performance businesses.
Genie Music CEO Seo In-wook stated, “We have established a strategic partnership with 1MILLION to build a joint business model,” and added, “We plan to actively cooperate to create new synergies by combining our competitive edge in the music business with 1MILLION's performance production capabilities.”
1MILLION CEO Kim Hye-rang said, “I believe this strategic partnership is an opportunity to provide new emotions and experiences to fans around the world by merging music, dance, and content,” and added, “We will take the lead in expanding the value of choreography IP and further enhancing the status of K-pop and Korean choreography in the global market in collaboration with Genie Music.”
[Ji Seung-hoon, Star Today Reporter]
