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SK Telecom angles for digital music rule over Asia

Posted: 13 Mar 2008 ?? ?Print Version ?Bookmark and Share

Keywords:mobile telecommunications? majority shareholder? Beijing Taihe & Rye Music? TR Music?

South Korean mobile telecommunications operator SK Telecom has become equal majority shareholder of Beijing Taihe & Rye Music (TR Music), the largest local music company in Mainland China. SK acquired a 42.2 percent stake in the company, and will participate in the management of the company along with Taihe Media, the current largest shareholder.

Through this agreement, SK Telecom lays the foundation to enter one of the largest and most vibrant music markets in the world. SK Telecom expects the new partnership to create strong synergy effects with its other businesses such as mobile phone, content and convergence services.

Growth opportunities
Leveraging the expertise of both organizations, SK Telecom and TR Music will focus on pioneering new business areas, developing capable producers, fostering young talent while striving to develop new business models for digital music content.

The Chinese music market is posting continued growth thanks to the broad consumer base, fast-growing digital music service, and government efforts to address the illegal market.

SK Telecom plans to build TR Music into a major music label not only in China but also in the rest of Asia.

Digital content created by TR Music will be offered through Viatech and UNISK, SK Telecom's subsidiaries in China. This will help SK Telecom secure strong distribution networks in the digital content market and create synergy with its telecommunications and convergence businesses in the future.

"The China market features an unlimited growth potential in both music and convergence business. Through TR Music, we will enhance our core competitiveness in record production and expand business models in the digital music industry to become a leading music label in Asia. We will also continue to seek business opportunities in diverse areas of the Internet, media, and in content services," said Seok Hwan Lee, the president of SK Telecom China Holding Company.

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