CJ ENM targets Greater China music market with joint venture with JYP China and TME

[The Financial News] CJ ENM has joined forces with JYP China, the Chinese subsidiary of JYP Entertainment Corporation, and Tencent Music Entertainment Group (TME) to tap into the Greater China music market.
On the 3rd, CJ ENM announced that it has launched a joint venture (JV) named "ONECEAD" (Wanxide) together with NCC Entertainment, which was jointly established by JYP China and TME. Through this JV, the company plans to fully scale up its global artist business with Greater China as its base.
ONECEAD is a strategic joint venture designed to gradually expand across the entire artist business, from artist management and music production to concerts and commerce. The name combines CJ ENM’s "OnlyOne spirit" and JYP Entertainment Corporation’s "Leader in Entertainment," reflecting a vision to foster next-generation global artist IP.
CJ ENM previously established JO1 and INI in the Japanese market through its joint venture LAPONE Entertainment. The creation of ONECEAD is seen as an effort to extend that successful global JV model into the Greater China region.
ONECEAD will be responsible for the activities and management of Modyssey, a seven-member global boy group formed through the Mnet Plus original survival show "Planet C: Home Race." The program is an extension of Mnet’s "Boys II Planet," and at the end of last December, global fan participation led to the debut of the seven-member group Modyssey (Sun Hengyu, Fan Zheyi, Li Zihao, LynnLynn, Sureon, Yichen, and Rowan).
A CJ ENM representative stated, "It is highly meaningful that we are now fully rolling out an artist business that can lead the global market together with local partners optimized for the Greater China market," adding, "Through ONECEAD, we will build an artist business model that resonates with global fandoms."

jashin@fnnews.com Shin Jin-ah Reporter