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A memorandum of understanding (MoU) has been signed, committing both companies to the co-development of a music streaming platform incorporating K-pop
Today, KT has announced its intention to enter the Vietnamese streaming market through the signing of a new MoU with national television broadcaster Vietnam Television.
The deal encompasses the co-creation of a new music streaming service in Vietnam, as well as cooperating in the distribution of K-pop music and the management of intellectual property.
"With this partnership, KT’s digital platform has proven its competitiveness in the global media content market," said KT’s global business head Moon Sung-uk.
This move follows in the footsteps of KT’s successful music streaming service, Genie, in its home market of South Korea. Genie Music is the second-largest music streaming service in the country, and will contribute its expertise in the use of new technologies like AI, big data, and the cloud, primarily to support a high level of personalisation on the music platform for customers.
"We will promote cooperation with Vietnam’s government broadcasting network in various platform businesses to promote the value of K-pop content platforms to the world and spread a new Hallyu (Korean cultural wave)," said Genie Music CEO Cho Hoon.
The two companies will also join forces for a special task force designed to promote the new service in Vietnam, as well as to explore the potential to expand the pairs partnership into new media, such as online video services.
In a recent webinar hosted by Total Telecom, panellists discussed lessons that could be learned from South Korea’s telcos when it came to 5G, with a key learning point being the South Korean telcos have a strong focus on content management and content creation. With this expansion of its music streaming platform into Vietnam, KT is demonstrating that same philosophy in their international expansion strategy.
Furthermore, KT’s work with AI to improve customer experience has been expanding recently, with a new deal with LG Electronics announced on Tuesday, aiming to develop cross-platform AI-powered services. Recent tests explored whether LG’s smart home solutions can work using KT’s AI platform that provides radio, music, and other digital strategies.
LG announced its withdrawal from the smartphone market earlier this week, instead pledging to focus on growing markets including smart home technology and electric vehicles.
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