KT signed a memorandum of understanding with Vietnam Cable Television (VTVCab), a subsidiary of Vietnam Television (VTV), to optimize the platform business model of KT's music streaming service, Genie Music, to local demand for music consumption and establish strategies for the distribution of K-pop music in the Southeast Asian country.
"With this partnership, KT's digital platform has proven its competitiveness in the global media content market," KT's global business head Moon Sung-uk said in a statement on April 9.
Genie Music will transfer the know-how of music streaming based on AI, big data and cloud and support the personalization of music platforms, the application of user experience based on customer big data, the establishment of music metadatabase, the distribution of music and the management of intellectual property (IP).
"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)," Genie Music CEO Cho Hoon said in an online signing ceremony.
The two companies would form a special task force to promote the Vietnamese version of Genie Music and expand the scope of cooperation to media content businesses such as Internet TV and online video services. "We look forward to KT's groundbreaking music streaming service with excellent (digital transformation) capabilities and high-quality K-content IP," VTVCab head Bui Huy Nam was quoted as saying.
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